The memecoin Dogwifhat (WIF) has experienced a sharp decline, falling out of the top 50 cryptocurrencies by market capitalization. Over the past seven days, Dogwifhat's price has plummeted by 38%, now trading at $1.62. On June 23, its market cap dropped by 9% to $1.60 billion, allowing Fantom to overtake its position.
Pseudonymous crypto trader Blockgraze highlighted the lack of accumulation activity in a recent post, contrasting earlier predictions of Dogwifhat's potential rise. Despite the downturn, Dogwifhat remains the fourth-largest memecoin, behind Pepe, which has nearly three times its market cap at $4.57 billion.
The decline has also affected futures trading, with Open Interest (OI) dropping 25% to $209.64 million over the same period. If Dogwifhat rebounds to $1.81, approximately $13.53 million in short positions could be liquidated.
Market sentiment has shifted dramatically over the past few months. In March, former BitMEX CEO Arthur Hayes predicted that Dogwifhat could reach $10 when it first hit the $3 mark. However, the recent decline has tempered such optimism.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
