Meme Coin Market Plunges After Iranian Drone Hits US Embassy in Kuwait

The meme coin market is currently under increased pressure amid the escalating conflict between the United States and Iran. As panic spreads, traders are pulling back from cryptocurrencies, especially speculative meme tokens like Dogecoin, Shiba Inu, and Pepe Coin.

The geopolitical tension between the US and Iran is seen rising after the death of Iranian Supreme Leader Ayatollah Ali Khamenei. Now, plumes of smoke were visible near the US Embassy in Kuwait following reports of an Iranian drone strike. Sirens and loud explosions were also heard across parts of Kuwait, Dubai, and Doha.

Meme Coin Market Slides as US-Iran War Escalates

As the US-Iran war worsens, the meme coin market is suffering sharp declines as traders flee high-risk assets amid growing geopolitical fear. According to CoinMarketCap data, the meme coin market has declined by about 3.26%, reaching $29.96 billion. The trading activity over the past 24 hours has also plummeted by a notable 20%, pushing the volume down to $2.97 billion.

This increased pressure aligns with the broader crypto market crash today. As CoinGape reported, the crypto market has once again slipped into negative territory as the US and Iran decide to continue the war.

Major meme tokens, including Dogecoin, Shiba Inu, and Pepe Coin, have seen significant losses over the past day. While Dogecoin and Shiba Inu are down by 3.1% and 4.3%, Pepe Coin has plummeted by a more notable 6.5% over the past 24 hours. On a weekly basis, these tokens have dropped by 3.2%, 9.1%, and 15.8%, respectively.

The latest decline further deepens the meme coin market crash recently reported by CoinGape. When the US and Israel launched missile attacks on Iran, meme tokens like DOGE, SHIB, and PEPE experienced severe price declines. This was due to multiple reasons, including escalating geopolitical tensions.

What’s Latest in the US-Iran War?

Today, Iran has reportedly attacked the US Embassy in Kuwait City. The US-Iran tensions significantly risen following the deadly strike on Iranian Supreme Leader Ayatollah Ali Khamenei. 

As reported by NDTV, black smoke was seen near the US Embassy in Kuwait following another round of Iranian strikes. The embassy has issued a security alert, urging the public to leave the area. The statement read, “There is a continuing threat of missile and UAV attacks over Kuwait. Do not come to the embassy.”

On Monday, Kuwait intercepted hostile drones, marking the third day in a row of Iranian retaliatory strikes on nearby Gulf countries in response to US and Israeli attacks. Loud explosions were heard early in the morning in Dubai and Doha.

However, sources claim that no injuries were reported today. Kuwait’s air defenses were reportedly able to intercept most of the drones near the Rumaithiya and Salwa neighbourhoods.