The popular memecoin Dogwifhat (WIF) has fallen out of the top 50 cryptocurrencies by market capitalization after experiencing a significant 38% decrease in price over the last week.
On June 23, Dogwifhat’s market cap plummeted by 9% to $1.60 billion within a 12-hour period, allowing Fantom (FTM) to surpass it in the top 50 cryptocurrencies by market cap with a 2.24% increase to $1.65 billion.
Despite claims that WIF is in an accumulation zone, a pseudonymous crypto trader named Blockgraze noted on June 23 that the chart does not show any signs of accumulation.
Currently, Dogwifhat remains as the fourth largest memecoin by market cap, trailing behind Pepe (PEPE) with nearly triple the market cap at $4.57 billion.
As of now, Dogwifhat is being traded at $1.62, marking a 38% decrease over the past seven days according to CoinMarketCap.
The recent price drop has led futures traders to hesitate in predicting Dogwifhat’s future direction. Open Interest (OI) has decreased by 25% to $209.64 million over the same period, according to CoinGlass.
If the price of WIF were to rebound by around 13% to $1.81 from two days ago, approximately $13.53 million in short positions would be eliminated.
The sentiment surrounding Dogwifhat has drastically changed in recent months, with previous predictions of the memecoin tripling in price when it was trading at $3.
On March 14, when Dogwifhat reached the $3 milestone, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, forecasted that the Solana-based memecoin would surge to $10.
This article is not intended as investment advice. All investment and trading decisions come with risks, and readers are encouraged to conduct their own research before making any decisions.