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- Dogwifhat (WIF) has come under intense bearish pressure, which has led to the loss of its top 50 crypto status in the market.
- WIF has emerged as a formidable challenger to becoming the third largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB).
Dogwifhat (WIF) investors have been dealt a blow with the memecoin losing its top 50 status after a 38% price dump. Although the Solana-based token remains the fourth-ranked memecoin, it has declined in its top 100 ranking by market cap.
At the time of writing, WIF has plunged 10%, extending its weekly losses by 36%. With a market cap of $1.55 billion, the mememcoin has slipped into the 59th position.
Fantom (FTM) surged 2.24% and surpassed Dogwifhat in the top 50 cryptocurrencies by market cap after Dogwifhat’s market cap dropped 9% to $1.60 billion in 12 hours. Despite this, WIF remains the fourth largest memecoin after Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE. For context, PEPE has a market cap of $4.57 billion at the time of writing.
WIF reached its all-time high three months ago after hitting $4.83. The memecoin has since lost about 65% of its value.
Although some have speculated that the coin is undergoing an accumulation phase, market experts have warned that this is not the case.
Is WIF Ready to Rebound or Face More Losses?
“Many people are talking about how WIF is in their accumulation zone, but I just checked the chart, and it doesn’t seem like anyone is accumulating,” pseudonymous crypto trader Blockgraze wrote in a June 23 X post. If WIF is accumulating, investors should anticipate a rebound driven by demand. But if holders are cashing out, with no real demand, the altcoin could crash to its all-time lows.
During its bullish wave, Arthur Hayes, former CEO of BitMEX CEO and current chief investment officer at Maelstrom, speculated that the coin would reach as high as $10. Based on his expertise, some believe that WIF could still achieve this target, at least in the long term.
Franklin Templeton has recently highlighted memecoins’ potential for quick gains despite their lack of inherent value and lower fees than other cryptocurrencies, but it warns of high price volatility. Coinbase echoes these sentiments, having recently begun supporting WIF perpetual futures trading for non-US users.
Dogwifhat’s price drop appears to make futures traders cautious about placing bets on its short-term movement. This is reflected in a 25% decline in Open Interest (OI), the total value of outstanding futures contracts, which fell to $209.64 million according to CoinGlass data over the same period.
One possible catalyst for WIF in the coming weeks is exchange listings, which could expose it to more investors. There are speculations that Robinhood and Bitstamp are eyeing a listing. With exposure to new markets, primarily Europe and the U.S., this could fuel new life into prices.
