**Dogwifhat Memecoin Faces Decline Amid Market Correction**

Solana-based memecoin Dogwifhat (WIF) has seen a significant drop in open interest (OI) and price over the past week. According to CoinGlass, WIF's OI fell to $252.5 million on August 3, down 28% from $353.4 million on July 27. The coin, which hit a yearly high of $615.16 million in OI on April 1, is now trading at $1.67, a 35.48% decrease since late July.

Crypto analysts predict WIF will retest the $1.50 support level soon. Future traders remain cautious, with $11.89 million in short positions at risk if the price rebounds to $1.80. Conversely, a 10% drop to $1.50 could wipe out $7.55 million in long positions.

Despite its recent struggles, Dogwifhat has climbed back to 47th in market capitalization, just above Sui (SUI). However, it remains far from the $10 target predicted by Arthur Hayes, former CEO of BitMEX.

Readers are reminded to conduct their own research before making any investment decisions.