Dogecoin has emerged as the leading meme coin amidst a significant sell-off in the cryptocurrency market, dropping nearly 6% in the last 24 hours due to escalating geopolitical tensions between Iran and Israel. This decline places Dogecoin below $0.178, which equates to a 23% drop over the past month and a staggering 75% decrease from its all-time high in 2021. Other meme coins like Fartcoin and SPX6900 also suffered losses exceeding 9%. The market as a whole has felt the impact of these tensions, reflected in over $1.13 billion in crypto liquidations. Bitcoin declined by 4.5% to $104,343, while Ethereum faced an 8.2% drop to $2,552, indicating a broader risk-off sentiment across both traditional and crypto markets. Analysts have noted that major altcoins have similarly experienced significant declines, with the sell-off driven primarily by investor concern over recent military actions in the Middle East.

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