Dogwifhat falls out of top 50, tumbles 38% over past 7 days

Solana memecoin Dogwifhat (WIF) has plummeted out of the top 50 cryptocurrencies by market capitalization, with its value dropping 38% in the past week.

On June 23, Dogwifhat's market cap plummeted 9% to $1.60 billion in just 12 hours, allowing Fantom (FTM) to overtake its position in the top 50 with a market cap of $1.65 billion.

Despite the decline, Dogwifhat remains the fourth largest memecoin by market cap, trailing only PEPE (PEPE), which boasts a market cap nearly three times larger ($4.57 billion).

At the time of writing, Dogwifhat is trading at $1.62, down 38% over the past seven days (CoinMarketCap).

Dogwifhat has plummeted 38% in the past week. Source: CoinMarketCap

The price drop has deterred futures traders from speculating on Dogwifhat's short-term trajectory. Over the same period, Open Interest (OI), representing the total value of outstanding Bitcoin futures contracts, has decreased by 25% to $209.64 million (CoinGlass).

A 13% rebound to $1.81, its price two days ago, would eliminate approximately $13.53 million in short positions.

Further positions are vulnerable if WIF's price rises. Source: CoinGlass

The sentiment towards Dogwifhat has undergone a significant shift in recent months, with previous calls for its price to triple when it traded at $3.

On March 14, as Dogwifhat reached $3 for the first time, Arthur Hayes, former BitMEX CEO and current Chief Investment Officer at Maelstrom, predicted the Solana-based memecoin would surge to $10.

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

Disclaimer: This article does not provide investment advice. All investments and trading involve risk, and thorough research is advised prior to making any decisions.