Yahya 
Having a notable 38% price decrease over the last week, Solana memecoin Dogwifhat (WIF) has plummeted out of the top 50 cryptocurrencies by market capitalization.
Dogwifhat’s market capitalization dropped 9% to $1.60 billion during a 12-hour period on June 23, enabling Fantom to pass it. Fantom moved ahead of Dogwifhat with a 2.24% market value increase to $1.65 billion.
Market Reactions and Accumulation Concerns
Though several traders said Dogwifhat is in an accumulation zone, pseudonymous crypto trader Blockgraze voiced doubt. “Many people are talking about how WIF is in their accumulation zone, but I just checked the chart, and it doesn’s seem like anyone is accumulating,” Blockgraze stated in a June 23 X post.
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Positioned behind Pepe, which has over three times Dogwifhat’s market capitalization at $4.57 billion, Dogwifhat remains the fourth biggest memecoin by market capitalization. CoinMarketCap data shows Dogwifhat trading at $1.62, down 38% over the previous seven days as of writing.
Futures Market Impacts
The price drop has made futures traders cautious about placing bets on Dogwifhat’s near-term path. Reportedly based on Open Interest (OI), the total value of all open or unsettled Dogwifhat futures contracts across exchanges has plummeted 25% to $209.64 million during the same time.
Should Dogwifhat rise by around 13% from two days ago, nearly $13.53 million in short bets might be eliminated from its $1.81 price. Over the last several months, sentiment has changed drastically from hopeful expectations when Dogwifhat was trading at $3 to present pessimistic views.
Previous Predictions and Current Reality
Arthur Hayes, former CEO of BitMEX and current chief investment officer of Maelstrom, projected that the Solana-based memecoin would climb to $10 on March 14 when Dogwifhat crossed the $3 mark for the first time. “The hat stays on while I count to $10,” Hayes said on a March 14 X post. But the state of the market right now points in another direction.
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