Solana memecoin Dogwifhat (WIF) has fallen out of the top 50 cryptocurrencies by market cap, as its price tumbled 38% over the past seven days.

On June 23, Dogwifhat’s market cap fell down 9% to $1.60 billion in a 12-hour period, which led to Fantom (FTM) overtaking its position in the top 50 cryptocurrencies by market cap, rising 2.24% at $1.65 billion.

“Many people are talking about how WIF is in their accumulation zone, but I just checked the chart and it doesn’t seems like anyone is accumulating,” pseudonymous crypto trader Blockgraze wrote in a June 23 X post.

Dogwifhat still remains the fourth largest memecoin by market cap, positioned below PEPE (PEPE), which has nearly three times the market cap of Dogwifhat at $4.57 billion.

At the time of publication, Dogwifhat is trading at $1.62, down 38% over the past seven days, according to CoinMarketCap data.

Dogwifhat is down 38% over the past seven days. Source: CoinMarketCap

The price decline has seemingly caused futures traders to hold back from betting on Dogwifhat’s near-term direction. Open Interest (OI) — the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges — has dropped 25% to $209.64 million over the same period, according to CoinGlass data.

If it 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.

Many more positions are at risk if WIF’s price rebounds. Source: CoinGlass

Related: 3 reasons why DOGE, PEPE and other memecoins are flashing red

The sentiment has shifted dramatically over the past few months, from calls for Dogwifhat’s price to triple when it was trading at $3.

On March 14, when Dogwifhat hit the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the Solana-based memecoin would rally to the $10 mark.

“The hat stays on while I count to $10,” Hayes stated in a March 14 X post.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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