Dogwifhat (WIF) Exits the Top 50 Cryptocurrencies by Market Cap as Memecoin Market Cools

Dogwifhat is still ranked fourth among memecoins despite experiencing the steepest seven-day price decline among the top 100 cryptocurrencies by market capitalization.

Solana-based memecoin Dogwifhat (WIF) briefly exited the top 50 cryptocurrencies by market capitalization after a 30% seven-day price decline.

In a 12-hour span on June 23, Dogwifhat's market cap dropped by 9% to $1.60 billion, allowing Fantom (FTM) to quickly overtake it in the top 50 cryptocurrencies by market cap with a 2.24% gain to $1.65 billion.

The anonymous cryptocurrency trader, known as Blockgraze, highlighted the lack of accumulation in a June 23 X post, stating, "Lots of ppl talking abt how WIF is in their accumulation zone, but I just checked the chart and it doesn’t really look like anyone is accumulating."

Dogwifhat currently ranks fourth among memecoins by market capitalization, trailing Pepe (PEPE), which boasts a market cap of $4.57 billion—nearly triple that of Dogwifhat.

According to market data from CoinMarketCap, Dogwifhat's price now stands at $1.66, reflecting a 29% decrease over the past week.

As the token experiences a price decline, futures traders appear hesitant to place their bets on Dogwifhat's short-term trajectory. According to data from CoinGlass, the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges, known as 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 liquidate roughly $13.53 million in short positions.

Opinions have shifted drastically over the past few months, with some calling for a triple-digit increase when Dogwifhat was trading at $3.

The current chief investment officer at Maelstrom and former CEO of BitMEX, Arthur Hayes, predicted that Dogwifhat would reach $10 on March 14, the day it crossed $3 for the first time.

"The hat stays on while I count to $10," wrote Hayes in an X post on March 14.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogwifhat-wif-exits-top-cryptocurrencies-market-cap-memecoin-market-cools.html

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