Solana-based memecoin Dogwifhat (WIF) has experienced a significant decline, falling out of the top 50 cryptocurrencies by market cap as its price tumbled 38% over the past seven days. Despite the sharp drop, Dogwifhat remains the fourth-largest memecoin by market cap.
Dogwifhat’s Market Cap Plummets
On June 23, Dogwifhat’s market cap decreased by 9% to $1.60 billion within a 12-hour period. This decline allowed Fantom to overtake Dogwifhat in the top 50 cryptocurrencies by market cap, with Fantom’s market cap rising by 2.24% to $1.65 billion.
Accumulation Zone Doubts
Pseudonymous crypto trader Blockgraze commented on the situation in a June 23 X post, stating, “Many people are talking about how WIF is in their accumulation zone, but I just checked the chart and it doesn’t seem like anyone is accumulating.”
Current Standing Among Memecoins
Dogwifhat remains the fourth-largest memecoin by market cap, trailing behind PEPE, which boasts nearly three times the market cap at $4.57 billion. As of now, Dogwifhat is trading at $1.62, down 38% over the past week, according to CoinMarketCap data.
Impact on Futures Trading
The price decline has caused futures traders to hold back from betting on Dogwifhat’s near-term direction. Open Interest (OI) — the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges — has dropped 25% to $209.64 million over the same period, according to CoinGlass data. If Dogwifhat’s price rebounds by approximately 13% to its price of $1.81 from two days ago, around $13.53 million in short positions will be wiped out.
Also Read: Bitcoin Breaches Key Support, Potential 8% Drop to $60K Looms
Shifting Sentiment and Predictions
The sentiment around Dogwifhat has shifted dramatically over the past few months. When Dogwifhat hit the $3 mark for the first time on March 14, Arthur Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the memecoin would rally to $10. “The hat stays on while I count to $10,” Hayes stated in a March 14 X post. However, the recent downturn has cast doubt on such bullish predictions.
