Solana memecoin Dogwifhat (WIF) broke out of the top 50 cryptocurrencies

Having experienced a significant price drop of 38% in the last week solanamemecoin Dogwifhat (WIF), has emerged from the middle of the top 50 cryptocurrencies in terms of market value.

Dogwifhat’s market cap fell 9% to $1.60 billion in a 12-hour period on June 23, putting it ahead of Fantom. Fantom rose to $1.65 billion with a market capitalization increase of 2.24%.

Market reactions and accumulation concerns

Although some traders said that Dogwifhat was in the accumulation zone, a crypto trader with the nickname Blockgraze expressed his doubts. Blockgraze, in a post on X on June 23, said: “A lot of people are talking about WIF being in the savings zone, but I checked the chart and it doesn’t look like anyone is saving.”said.

In terms of market value, Dogwifhat, Pepe’s continues to lag behind. Pepe is valued at $4.57 billion, more than three times Dogwifhat’s market cap. According to CoinMarketCap data, Dogwifhat is currently trading at $1.62 and has fallen 38% in the last seven days.

Effects on the futures market

The price drop has made futures traders hesitant to invest in Dogwifhat in the short term. Based on Open Interest (OI), the total value of all open or unresolved Dogwifhat futures contracts on the exchanges decreased by 25% in the same period to 209.64 million dollars.

If Dogwifhat rises nearly 13% from two days ago, the short worth almost $13.53 million at a price of $1.81 could disappear. In the last few months, there has been a huge change from hopeful expectations to current pessimistic views as Dogwifhat has traded at $3.

Previous assumptions and current reality

Arthur Hayes, former CEO of BitMEX and current chief investment officer of Maelstrom, predicted that the Solana-based memecoin would rise to $10 when Dogwifhat broke the $3 level for the first time on March 14. But the current market situation points in a different direction.

This news was first published on the Coin Engineer website.