Solana Memecoin Dogwifhat (WIF) Drops Out of Top 50 Crypto Momentarily

Dogwifhat (WIF), a memecoin on the Solana blockchain, has fallen out of the top 50 cryptocurrencies by market capitalization after suffering a significant 38% price drop over the past week. Over the past week, the price of Dogwifhat decreased by as much as 43%, which saw the market cap reach a low of $1.52 billion. This decline allowed Fantom (FTM) to surpass WIF momentarily, as Fantom's market cap rose by 2.24% to $1.65 billion.

The sharp decline in Dogwifhat's value has also impacted futures trading. Open Interest (OI), which represents the total value of all unsettled Bitcoin futures contracts across exchanges, has dropped by 25% to $209.64 million over the same period, as reported by CoinGlass. If WIF rebounds by approximately 13% to its previous price of $1.81, it could potentially wipe out around $13.53 million in short positions.

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