Solana memecoin Dogwifhat (WIF) fell out of the top 50 cryptocurrencies by market capitalization as its price fell 38% over the past seven days.
On June 23, Dogwifhat’s market cap fell 9% to $1.60 billion over a 12-hour period, helping Fantom (FTM) surpass its place among the top 50 cryptocurrencies in terms of in market capitalization, up 2.24% to $1.65 billion.
“A lot of people are talking about how WIF is in their accumulation zone, but I just checked the chart and no one seems to be accumulating,” pseudonymous crypto trader Blockgraze wrote in a June 23 post.
Dojoevat remains the fourth largest memocoin by market capitalization, falling under PEPE (PEPE), which is almost three times Dojoivat’s market capitalization of $4.57 billion.
As of press time, Dojoyvat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap data.
It appears that falling prices have caused futures traders to abandon betting on Duguevat’s short-term trend. Open interest (OI) – the total value of all outstanding or unsettled Bitcoin futures contracts on exchanges – fell 25% to $209.64 million during the same period, according to data from CoinGlass.
If it rebounds about 13% to its $1.81 price from two days ago, about $13.53 million in short positions will be wiped out.
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Sentiment has changed dramatically in recent months, with calls for Dogwifhat’s price to triple when it was trading at $3.
On March 14, when Dojoyfat first hit the $3 mark, Arthur Hayes, former CEO of BitMEX and current Maelstrom chief investment officer, predicted that the Solana-based memecoin would hit the $10 mark.
“The hat stays on while I count out $10,” Hayes said in a March 14 post.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
