Solana memecoin Dogwifhat (WIF) has fallen from the top 50 cryptocurrencies by market cap, with its price plummeting 38% over the past seven days.
On June 23, Dogwifhat’s market capitalization fell 9% in 12 hours to $1.65 billion, while Fantom (FTM) rose 2.24% to $1.65 billion in the top 50 cryptocurrencies by market capitalization. I did.
“A lot of people are talking about how WIF is in their accumulation zone, but I checked the charts and it looks like no one is accumulating,” anonymous cryptocurrency trader Blockgraze wrote in an X post on June 23.
Dogwifhat still remains the fourth-largest memecoin by market capitalization, ranking just behind PEPE (PEPE), which has $4.57 billion, almost three times Dogwifhat’s market capitalization.
At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap data.
The price drop has made futures traders hesitant to bet on Dogwifhat’s near-term direction. Open interest (OI), or the total value of all Bitcoin futures contracts outstanding or outstanding across exchanges, fell 25% to $209.64 million over the same period, according to CoinGlass data.
A bounce of about 13% to $1.81, the price from two days ago, would liquidate about $13.53 million in short positions.
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In the past few months, the asking price for Dogwifhat has rapidly tripled, with the price trading at $3.
On March 14, when Dogwifhat first hit $3, Arthur Hayes, former CEO of BitMEX and now chief investment officer at Maelstrom, predicted that the Solana-based memecoin would rise to $10.
“Keeping my hat on while I count the ten dollars,” Hayes said in a March 14 X post.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.