Crypto Market Declines Amid US-Iran Conflict and Meme Coin Crash

The global cryptocurrency market experienced a broad decline on September 10 due to various factors, including the escalating US-Iran conflict and a significant drop in US Treasury buyback volumes. The downturn was further exacerbated by the collapse of the Meme coin LAPTOP launched by Hunter Biden.

According to SoSoValue data, the Robinhood Chain sector led losses with a 9.47% drop over the past 24 hours. Within this sector, Pons (PONS) plummeted by 16.30%, while Cash Cat (CASHCAT) fell 12.05%. The daily on-chain transaction count for Robinhood Chain decreased by 17.4% compared to the same day last week.

The RWA sector also declined, with Sky (SKY), Pendle (PENDLE), and Maple Finance (SYRUP) experiencing drops of 10.70%, 7.54%, and 7.38%, respectively. Meanwhile, other sectors such as PayFi, Layer1, CeFi, DeFi, Layer2, and Meme saw declines ranging from 1.41% to 11.69%. Notably, Zcash (ZEC) rose by 3.34% in the PayFi sector.