Dogwifhat (WIF), a memecoin on the Solana blockchain, has recently experienced significant turbulence in the cryptocurrency market, slipping out of the top 50 rankings by market capitalization following a notable 38% decline in its price over the past week. At its lowest point, WIF’s market cap plummeted to $1.52 billion, reflecting a sharp 43% drop in its value within the same period. This decline briefly allowed Fantom (FTM) to surpass WIF, with Fantom’s market cap reaching $1.65 billion after a modest 2.24% increase.
Despite discussions among traders about a potential accumulation phase for WIF, sentiments remain divided. Pseudonymous crypto trader Blockgraze noted skepticism about accumulation trends, suggesting a lack of substantive evidence supporting such claims.
The downturn in Dogwifhat’s market value has also impacted futures trading, with Open Interest (OI) in Bitcoin futures contracts across exchanges plunging by 25% to $209.64 million during the downturn, according to reports from CoinGlass. A potential recovery to WIF’s previous price of $1.81 could potentially eliminate approximately $13.53 million in short positions.
Presently, Dogwifhat holds its position as the fourth largest memecoin by market capitalization, trailing Pepe (PEPE), which commands a substantial market cap of $4.57 billion, nearly three times that of WIF. As of the latest updates, Dogwifhat has seen a notable recovery, trading at $1.91 and reclaiming its spot in the top 50 rankings, displacing Fantom once again according to CoinMarketCap data.
Related Topics:
