Meme coins plunged over the last 24 hours, hit by the one-two punch of a global market selloff and tariff-induced panic that has rattled both crypto and equities.

Dogecoin (DOGE), Shiba Inu (SHIB), and other popular tokens have posted double-digit losses, as traders rush to exit riskier assets amid macroeconomic fears.

The crypto carnage came after a weekend of chaos prompted by U.S. President Donald Trump’s announcement of sweeping new tariffs on 185 countries, triggering fears of a global slowdown and compounding already fragile investor sentiment.

In the past 24 hours, DOGE has fallen 16.6% to $0.1377, while SHIB has shed 11.3%, trading at $0.00001077.

Other top meme coins such as Pepe coin (PEPE) and Bonk (BONK) are down 13.9% and 13.8%, respectively, according to CoinGecko data.

The President's own Official Trump (TRUMP) meme coin, launched in January, has slumped 16% to $7.60.

Meme coins and the market

Meme coins, often driven by community hype and speculative momentum, are typically among the first casualties during broader market downturns, and this time it was no different.

Overnight, the entire meme coin market has lost 17% of its value, with total capitalization sinking to $41.7 billion, per data from CoinGecko.

Meanwhile, crypto liquidations have spiked to $1.4 billion in the past 24 hours, including over $460 million from Bitcoin trades, CoinGlass data shows.

With Trump’s tariff announcement, the volatility is spreading rapidly from equities into crypto and even safe-haven assets like gold.

U.S. stock futures tumbled Sunday evening, making way for a potentially disorderly open. S&P 500 futures fell nearly 6%, while Bitcoin dropped below $77,000, its lowest price since November 2024.

As of now, the world’s biggest crypto is down over 8% to $76,328, with overall crypto market capitalization now under $2.5 trillion, down 10.8% from the day before.

The speed and scale of the declines have reignited comparisons to October 1987’s “Black Monday,” when markets cratered in a single session.