Dogwifhat Plummets 38%, Falls Out of Top 50 Cryptos

Solana memecoin Dogwifhat (WIF) has seen a sharp 38% drop in value over the past week, pushing it out of the top 50 cryptocurrencies by market capitalization.

On June 23, Dogwifhat’s market cap decreased by 9% to $1.60 billion within 12 hours, allowing Fantom (FTMUSD) to surpass it with a 2.24% rise, reaching a market cap of $1.65 billion.

Despite some traders claiming to be in an "accumulation zone," pseudonymous crypto trader Blockgraze noted on June 23 via X that chart activity doesn't support significant accumulation.

Dogwifhat remains the fourth largest memecoin, trailing behind Pepe (PEPEUSD), which has a market cap of $4.57 billion—nearly three times that of Dogwifhat.

Currently, Dogwifhat is trading at $1.62, according to CoinMarketCap, marking a 38% drop over the last seven days. This price decline has led futures traders to hesitate, with Open Interest (OI) in Dogwifhat futures dropping 25% to $209.64 million, according to CoinGlass.

If Dogwifhat rebounds to $1.81, approximately $13.53 million in short positions could be liquidated.

This marks a significant shift from the bullish sentiment in March, when Dogwifhat hit $3 and Arthur Hayes, former CEO of BitMEX, predicted it would rise to $10. "The hat stays on while I count to $10," Hayes stated in a March 14 X post.
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