Memecoins
Dogwifhat drops almost 30% in a week
Is this the start of a decline for memecoins?
Dogwifhat still ranks fourth among memecoins, despite recording the steepest seven-day price decline among the top 100 cryptocurrencies by market capitalization.
With a price drop of 30% over the course of a week, the Solana-based memecoin Dogwifhat (WIF) has briefly fallen out of the top 50 cryptocurrencies by market capitalization.
Source: Coinmarketcap
In a 12-hour period on June 23, Dogwifhat’s market cap fell 9% to $1.60 billion, allowing Fantom (FTM) to overtake it among the top 50 cryptocurrencies by market cap, rising by 2.24% to 1.65 billion dollars.
Anonymous cryptocurrency trader Blockgraze said in a June 23 post
Dogwifhat is currently ranked fourth among memecoins based on market capitalization, behind only Pepe (PEPE), which has a market capitalization of $4.57 billion, nearly three times that of Dogwifhat.
According to market data from CoinMarketCap, Dogwifhat is now trading at $1.66, down 29% from last week
Futures traders appear to be hesitant to place bets on Dogwifhat’s near-term trajectory due to the price decline. According to data from CoinGlass, the total value of all outstanding or unsettled Bitcoin futures contracts on exchanges, or Open Interest (OI), fell 25% to $209.64 million during the same period.
A 13% recovery in the $1.81 price from two days ago would wipe out about $13.53 million in short positions.
Opinions have changed dramatically in recent months. A few months ago, when Dogwifhat was trading at $3, there were calls for a triple price increase.
Maelstrom’s current chief investment officer and former BitMEX CEO Arthur Hayes predicted that Dogwifhat would rise to $10 on March 14, the day it surpassed $3 for the first time.
Hayes wrote on March 14 on X that “Hat stays on as I count to $10.”
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