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Solana memecoin Dogwifhat (WIF) has dropped out of the top 50 cryptocurrencies by market capitalization, experiencing a 38% decline in price over the past week.
On June 23, Dogwifhat’s market cap fell down 9% to $1.60 billion in a 12-hour period, which led to Fantom (<a href="https://cointelegraph.com/fantom-ftm-price-index">FTM</a>) overtaking its position in the top 50 cryptocurrencies by market cap, rising 2.24% at $1.65 billion.
“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,” pseudonymous crypto trader Blockgraze wrote in a June 23 X post.
Dogwifhat remains the fourth largest memecoin by market cap, positioned below Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>), which has nearly three times the market cap of Dogwifhat at $4.57 billion.
At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/dogwifhat/" target="_blank" rel="noopener nofollow">data</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/ddb65380-3f1c-496c-84f7-549e222e0445.png" alt="" title="">
 <figcaption style="text-align: center;">
 Dogwifhat is down 38% over the past seven days. Source: CoinMarketCap
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The price decline has seemingly 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 <a href="https://www.coinglass.com/pro/dashboard/bitcoin" target="_blank" rel="noopener nofollow">data</a>.
If it 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/46b76541-bcc7-4c9d-bd97-41d52527eac4.png" alt="" title="">
 <figcaption style="text-align: center;">
 Many more positions are at risk if WIF's price rebounds.&nbsp;Source: CoinGlass
 </figcaption>
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Related: <a href="https://cointelegraph.com/news/3-reasons-why-doge-pepe-memecoins-flashing-red">3 reasons why DOGE, PEPE and other memecoins are flashing red</a>
The sentiment has shifted <a href="https://cointelegraph.com/news/dogwifhat-price-to-10-arthur-hayes">dramatically over the past few months</a>, from calls for Dogwifhat’s price to triple when it was trading at $3.
On March 14, when Dogwifhat hit the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the Solana-based memecoin would <a href="https://cointelegraph.com/news/dogwifhat-price-to-10-arthur-hayes">rally to the $10 mark</a>. 
“The hat stays on while I count to $10,” Hayes stated in a March 14 X post.
Magazine: <a href="https://cointelegraph.com/magazine/polkadot-indy-500-driver-conor-daly-dad-holds-dot/">Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogwifhat falls out of top 50, tumbles 38% over past 7 days

Cointelegraph

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