Dogwifhat is still ranked fourth among memecoins despite experiencing the steepest seven-day price decline among the top 100 cryptocurrencies by market capitalization.
With a 30% price drop in the course of a week, Solana-based memecoin Dogwifhat (WIF) has stepped out from the top 50 cryptocurrencies by market capitalization for a while.
Source: Coinmarketcap
In a 12-hour period on June 23, Dogwifhat's market cap dropped by 9% to $1.60 billion, allowing Fantom (FTM) to surpass it in the top 50 cryptocurrencies by market cap, rising by 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 is currently ranked fourth among memecoins based on market capitalization, trailing only Pepe (PEPE), which has a market capitalization of $4.57 billion, almost three times that of Dogwifhat.
According to market data from CoinMarketCap, Dogwifhat is now trading at $1.66, down 29% over the past week
It appears that futures traders are hesitating to place bets on Dogwifhat's short-term trajectory due to the price drop. According to CoinGlass data, 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 during the same period.
A 13% recovery to the price of $1.81 from two days ago would wipe out about $13.53 million of short positions.
Over the past few months, opinions have drastically changed. A few months ago, when Dogwifhat was trading at $3, there were calls for a triple increase in price.
The current chief investment officer at Maelstrom and the former CEO of BitMEX, Arthur Hayes, predicted that Dogwifhat, would rise to $10 on March 14, the day it crossed $3 for the first time.
Hayes wrote on March 14 on X that "The hat stays on while I count to $10."