💥Dogwifhat drops 38% in the last seven days and leaves the top 50.
Due to a 38% decline in price over the last seven days, Solana memecoin Dogwifhat (WIF) has left the top 50 cryptocurrencies by market capitalization.
In a 12-hour period on June 23, Dogwifhat's market cap dropped by 9% to $1.60 billion. As a result, Fantom FTM tickers down $0.57 surpassed Dogwifhat to take the top spot among the top 50 cryptocurrencies by market size, jumping 2.24% to $1.65 billion.
The anonymous cryptocurrency trader Blockgraze stated in a June 23 X post, "A lot of 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."
Dogwifhat, which is ranked below PEPE ~PEPE tickers down $0.000011}, which has approximately three times the market value of Dogwifhat at $4.57 billion, is still the fourth largest memecoin by market cap.
According to CoinMarketCap data, Dogwifhat is currently trading at $1.62, down 38% over the previous seven days, as of the time of posting.
It appears that futures traders are hesitating to place bets on Dogwifhat's short-term trajectory due to the price drop. According to CoinGlass statistics, the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges, or Open Interest (OI), has decreased by 25% to $209.64 million within the same time period.
A 13% recovery to the price of $1.81 from two days earlier would wipe out almost $13.53 million of short bets.
Over the past few months, opinions have drastically changed. A few months ago, when Dogwifhat was trading at $3, there were calls for a treble increase in price.
Arthur Hayes, the current chief investment officer at Maelstrom and the former CEO of BitMEX, projected that Dogwifhat, a memecoin headquartered in Solana, will rise to $10 on March 14, the day it crossed $3 for the first time.
Hayes wrote on March 14 on X, "The hat stays on while I count to $10."