💥💥💥 #dogwifhat falls out of top 50, tumbles 38% over past 7 days
Dogwifhat, a #memecoin🚀🚀🚀 on the #SolanaBlockchain , has experienced the sharpest price decline among the top 100 cryptocurrencies by market cap over the past seven days, yet it remains one of the top four memecoins.
In the last week, Dogwifhat (WIF) dropped by 38%, causing it to fall out of the top 50 cryptocurrencies by market capitalization. As of June 23, its market cap decreased by 9% within a 12-hour period to $1.60 billion, allowing Fantom (FTM) to surpass it with a market cap of $1.65 billion.
Despite discussions about WIF being in an accumulation zone, sentiment remains skeptical. A pseudonymous crypto trader, Blockgraze, noted on June 23 that the chart does not indicate significant accumulation.
Dogwifhat retains its position as the fourth largest memecoin by market cap, trailing Pepe (PEPE) with a market cap nearly three times larger at $4.57 billion.
Currently trading at $1.62, Dogwifhat's recent decline has also impacted futures traders' activities. Open Interest (OI) in Dogwifhat futures contracts has decreased by 25% to $209.64 million over the same period, according to CoinGlass data.
If Dogwifhat rebounds to $1.81, approximately $13.53 million in short positions could be liquidated.
The sentiment surrounding Dogwifhat has shifted from optimistic forecasts earlier this year. In March, when Dogwifhat reached $3 for the first time, Arthur Hayes, former BitMEX CEO and current CIO at Maelstrom, predicted a potential rally to $10.
Source - cointelegraph.com