Dogwhiphat has fallen from the top 50, falling 38% in the last 7 days
Solana memecoin Dogwifhat (WIF) has dropped out of the top 50 cryptocurrencies by market capitalization after a 38% price drop in the past week.
On June 23, the market value of dogwhiphat fell by 9% to $1.60 billion in 12 hours, which made Fantom (FTM) overtake the place in the top 50 kriptovalyutnyh by market value, up 2.24% at $1.65 billion.
A lot of people are talking about WIF being in their stocking range, but I just checked it on the chart, and nobody seems to be stocking up,” wrote anonymous crypto trader Blockgraze in a June 23 X post.
Dogwhiphat remains the fourth largest memecoin by market cap, ranking just below Pepe (PEPE), which is almost three times the market cap of Dogwhiphat at $4.57 billion.
According to data from CoinMarketCap, Dogwhip was at $1.62 at the time of publication, down 38% in the last seven days.
The drop in prices seems to have caused futures traders to shy away from betting on Dogwhiphat's recent direction. Open interest (OI) — the total value of all outstanding or unsettled Bitcoin futures contracts, according to CoinGlass data — fell 25% to $209.64 million over the same period.
If it rebounds 13 percent to $1.81 from two days ago, it will lose about $13.53 million in short positions.
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Sentiment has changed dramatically over the past few months, with Dogwhiphat calls trading at $3 and tripling.
On March 14, when Dogwhiphat hit the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and the current Chief Investment Officer of Maelstrom, predicted that the Solana-based memecoin would rise to the $10 mark.
“When I count $10, the hat stays put,” Hayes wrote in a March 14 X post.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
