Dogwifat (WIF), a memecoin on the Solana platform, has dropped out of the top 50 cryptocurrencies by market capitalization, down 38% in the past week.
On June 23, Dogwifat’s market cap fell 9% to $1.60 billion in 12 hours, causing Fantom (FTM) to surpass its position in the top 50, with its market cap increasing by 2.24 % to 1.65 billion USD.
Cryptocurrency trader Blockgraze commented on an X post that, although many people talk about accumulating WIF, the chart shows that no one is accumulating.
Dogwifat remains the fourth largest memecoin by market capitalization, behind Pepe (PEPE), which is nearly three times the capitalization of Dogwifat at $4.57 billion.
Dogwifat’s price decline has made futures traders cautious. According to CoinGlass data, open interest (OI) fell 25% to $209.64 million during the same period. If Dogwifat recovers about 13% from its price of $1.81 two days ago, about $13.53 million in short positions would be wiped out.
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