{"id":9537,"date":"2024-06-24T04:17:06","date_gmt":"2024-06-24T04:17:06","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=9537"},"modified":"2024-06-24T04:17:08","modified_gmt":"2024-06-24T04:17:08","slug":"dogwifhat-tumbles-38-falls-out-of-top-50-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/dogwifhat-tumbles-38-falls-out-of-top-50-cryptocurrencies\/","title":{"rendered":"Dogwifhat Tumbles 38%, Falls Out of Top 50 Cryptocurrencies"},"content":{"rendered":"\n<p>Solana-based memecoin Dogwifhat (WIF) has experienced a significant decline, falling out of the top 50 cryptocurrencies by market cap as its price tumbled 38% over the past seven days. Despite the sharp drop, Dogwifhat remains the fourth-largest memecoin by market cap.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Dogwifhat&#8217;s Market Cap Plummets<\/h3>\n\n\n\n<p>On June 23, Dogwifhat&#8217;s market cap decreased by 9% to $1.60 billion within a 12-hour period. This decline allowed Fantom to overtake Dogwifhat in the top 50 cryptocurrencies by market cap, with Fantom&#8217;s market cap rising by 2.24% to $1.65 billion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Accumulation Zone Doubts<\/h3>\n\n\n\n<p>Pseudonymous crypto trader Blockgraze commented on the situation in a June 23 X post, stating, &#8220;Many people are talking about how WIF is in their accumulation zone, but I just checked the chart and it doesn\u2019t seem like anyone is accumulating.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Current Standing Among Memecoins<\/h3>\n\n\n\n<p>Dogwifhat remains the fourth-largest memecoin by market cap, trailing behind PEPE, which boasts nearly three times the market cap at $4.57 billion. As of now, Dogwifhat is trading at $1.62, down 38% over the past week, according to CoinMarketCap data.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Impact on Futures Trading<\/h3>\n\n\n\n<p>The price decline has caused futures traders to hold back from betting on Dogwifhat&#8217;s near-term direction. Open Interest (OI) \u2014 the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges \u2014 has dropped 25% to $209.64 million over the same period, according to CoinGlass data. If Dogwifhat&#8217;s price 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.<\/p>\n\n\n\n<p>Also Read: <a href=\"https:\/\/www.cryptometer.io\/news\/bitcoin-breaches-key-support-potential-8-drop-to-60k-looms\/\">Bitcoin Breaches Key Support, Potential 8% Drop to $60K Looms<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Shifting Sentiment and Predictions<\/h3>\n\n\n\n<p>The sentiment around Dogwifhat has shifted dramatically over the past few months. When Dogwifhat hit the $3 mark for the first time on March 14, Arthur Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the memecoin would rally to $10. &#8220;The hat stays on while I count to $10,&#8221; Hayes stated in a March 14 X post. However, the recent downturn has cast doubt on such bullish predictions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana-based memecoin Dogwifhat (WIF) has experienced a significant decline, falling out of the top 50 cryptocurrencies by market cap as its price tumbled 38% over the past seven days. Despite the sharp drop, Dogwifhat remains the fourth-largest memecoin by market cap. Dogwifhat&#8217;s Market Cap Plummets On June 23, Dogwifhat&#8217;s market cap decreased by 9% to [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259,43],"tags":[],"class_list":{"0":"post-9537","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins","8":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dogwifhat Tumbles 38%, Falls Out of Top 50 Cryptocurrencies<\/title>\n<meta name=\"description\" content=\"Solana-based memecoin Dogwifhat (WIF) has experienced a significant decline, falling out of the top 50 cryptocurrencies by market cap as its price tumbled\" \/>\n<meta name=\"robots\" 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