Solana’s Memecoin Dogwifhat (WIF) has dropped from the list of top 50 cryptocurrencies by market capitalization, as its price dropped 44% in the past seven days.
June 24, Dogwifhat’s market capitalization dropped 9.3% to $1.60 billion within 12 hours, helping Fantom (FTM) surpass its position in the list of top 50 cryptocurrencies by capitalization market, increased by 2.24% to 1.65 billion USD.
“Many people are talking about WIF being in their accumulation zone, but checking the chart shows that accumulation is not happening yet,” Blockgraze analyst write in a June 23 X post.
Dogwifhat remains the fourth largest memecoin by market capitalization, below PEPE (PEPE), which has a market capitalization nearly three times that of Dogwifhat, reaching $4.57 billion.
At the time of writing, Dogwifhat is trading at $1.60, down 44% in the past seven days, according to data from Coingecko.
Dogwifhat is down 44% in the last seven days | Source: Coingecko
This price drop seems to have made futures traders more cautious in betting on Dogwifhat’s direction. Open interest (OI) — the total value of all open WIF futures contracts on exchanges — fell 25% to $209.64 million over the same time period, according to data from CoinGlass.
If it rallies about 13% to $1.81, about $13.53 million in short positions will be wiped out.
Many Short positions will be at risk if WIF price recovers | Source: CoinGlass
Sentiment has changed dramatically over the past few months, from predictions of Dogwifhat’s price tripling when it was 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 this Solana-based memecoin would rise to $10.
“The hat stayed on my head when I counted to 10,” Hayes said in a March 14 X post.
You can see WIF prices here.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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According to Cointelegraph
