Dogwifhat Faces Sharp Decline, Exits Top 50 Crypto List After 38% Crash

Dogwifhat (WIF): Challenged Memecoin Loses Top 50 Status

Dogwifhat (WIF) has experienced significant downward pressure, resulting in the loss of its position within the top 50 cryptocurrencies by market capitalization.

Initial Ascendancy and Recent Downturn

WIF emerged as a formidable challenger to Dogecoin (DOGE) and Shiba Inu (SHIB) as the third-largest memecoin. However, a 38% price drop has dealt a blow to WIF investors, pushing it down to the 59th position in the top 100 cryptocurrencies by market cap.

Surpassed by Fantom

Fantom (FTM) has overtaken WIF in the top 50 after Dogwifhat's market cap declined by 9% to $1.6 billion within 12 hours. Despite this setback, WIF remains the fourth-largest memecoin behind Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, which has a market cap of $4.57 billion.

All-Time High and Current Value

WIF reached its all-time high of $4.83 three months ago but has since lost approximately 65% of its value.

Accumulation or Crash?

Speculation has arisen that WIF is undergoing an accumulation phase, but market experts caution against this assumption. Trader Blockgraze notes that chart data does not support the theory of accumulation.

Potential for Rebound

While some, like former BitMEX CEO Arthur Hayes, believe WIF could still reach $10, market volatility remains a concern. Franklin Templeton has emphasized the potential for quick gains in memecoins but also warns of price volatility. Coinbase recently added support for WIF futures trading for non-US users.

Futures Market Response

The decline in WIF's price has made futures traders hesitant to wager on its short-term movement. Open Interest (OI), indicating the total value of outstanding futures contracts, has decreased by 25% to $209.64 million.

Exchange Listings and Future Prospects

Potential exchange listings on Robinhood and Bitstamp could provide WIF with exposure to a wider investor base, particularly in Europe and the U.S., potentially revitalizing its price movement.