Solana memecoin Dogwifhat (WIF) has fallen out of the top 50 cryptocurrencies by market cap, as its price tumbled 38% over the past seven days.
On June 23, Dogwifhat’s market cap fell down 9% to $1.60 billion in a 12-hour period, which led to Fantom (FTM) overtaking its position in the top 50 cryptocurrencies by market cap, rising 2.24% at $1.65 billion.
“Many people are talking about how WIF is in their accumulation zone, but I just checked the chart and it doesn’t seems like anyone is accumulating,” pseudonymous crypto trader Blockgraze wrote in a June 23 X post.
Dogwifhat still remains the fourth largest memecoin by market cap, positioned below PEPE (PEPE), which has nearly three times the market cap of Dogwifhat at $4.57 billion.
At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap data.
The price decline has seemingly caused futures traders to hold back from betting on Dogwifhat’s near-term direction. Open Interest (OI) — the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges — has dropped 25% to $209.64 million over the same period, according to CoinGlass data.
If it rebounds by approximately 13% to its price of $1.81 from two days ago, around $13.53 million in short positions will be wiped out.
The sentiment has shifted dramatically over the past few months, from calls for Dogwifhat’s price to triple when it was trading at $3.
On March 14, when Dogwifhat hit the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the Solana-based memecoin would rally to the $10 mark.
“The hat stays on while I count to $10,” Hayes stated in a March 14 X post.