Dogwifhat falls out of top 50, tumbles 38% over past seven days

Solana memecoin Dogwifhat (WIF) has dropped out of the top 50 cryptocurrencies by market capitalization, experiencing a 38% decline in price over the past week.

On June 23, Dogwifhat’s market cap fell down 9% to $1.60 billion in a 12-hour period, which led to Fantom (FTM $0.55) overtaking its position in the top 50 cryptocurrencies by market cap, rising 2.24% at $1.65 billion.

“Many 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,” pseudonymous crypto trader Blockgraze wrote in a June 23 X post.

Dogwifhat remains the fourth largest memecoin by market cap, positioned below Pepe (PEPE $0.000010), which has nearly three times the market cap of Dogwifhat at $4.57 billion.

At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap data.

Dogwifhat is down 38% over the past seven days. Source: CoinMarketCap

The price decline has seemingly caused futures traders to hold back from betting on Dogwifhat’s near-term direction. Open Interest (OI) — the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges — has dropped 25% to $209.64 million over the same period, according to CoinGlass data.

If it rebounds by approximately 13% to its price of $1.81 from two days ago, around $13.53 million in short positions will be wiped out.

Many more positions are at risk if WIF's price rebounds. Source: CoinGlass

The sentiment has shifted dramatically over the past few months, from calls for Dogwifhat’s price to triple when it was trading at $3.

On March 14, when Dogwifhat hit the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the Solana-based memecoin would rally to the $10 mark.

“The hat stays on while I count to $10,” Hayes stated in a March 14 X post.