Dogwifhat (WIF), a Solana-based memecoin, has experienced a significant decline, falling out of the top 50 cryptocurrencies by market capitalization. Over the past seven days, Dogwifhat has seen a steep 38% drop in its price, marking the largest decline among the top 100 cryptocurrencies by market cap.
Market Cap and Ranking Changes
As of June 23, Dogwifhat’s market cap decreased by 9% to $1.60 billion within a 12-hour period. This decline allowed Fantom (FTM), which saw a 2.24% rise to $1.65 billion, to surpass Dogwifhat in market capitalization and take its place among the top 50 cryptocurrencies.
“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,” commented pseudonymous crypto trader Blockgraze in a June 23 post on X (formerly Twitter).
Despite the downturn, Dogwifhat remains the fourth largest memecoin by market cap, positioned below Pepe (PEPE), which boasts a market cap of $4.57 billion, nearly three times that of Dogwifhat.
Current Trading and Market Sentiment
At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past week, according to CoinMarketCap data. This price decline has affected futures traders, who appear to be holding 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, based on CoinGlass data.
A rebound to $1.81, which was Dogwifhat’s price two days ago, could potentially wipe out around $13.53 million in short positions. The sentiment around Dogwifhat has shifted dramatically in recent months, moving from optimistic predictions to a more cautious outlook.
Previous Predictions and Current Reality
On March 14, when Dogwifhat first hit the $3 mark, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted a rally to $10 for the Solana-based memecoin. “The hat stays on while I count to $10,” Hayes stated in a March 14 post on X.
However, the current market conditions have not supported such bullish predictions. As Dogwifhat continues to navigate its market challenges, the coming weeks will be crucial in determining whether it can regain its standing among the top cryptocurrencies.
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