Dogwifhat Crashes Out of Top 50 Cryptocurrencies Amidst Dramatic Price Drop
Dogwifhat (WIF) has fallen out of the top 50 cryptocurrencies by market capitalisation, marking a significant decline in its fortunes. The Solana-based memecoin saw a 38% price drop over the past week, with no other crypto experiencing such a drastic fall as long as records show.
The price drop was particularly sharp on June 23, when Dogwifhat's market cap decreased by 9% to $1.60 billion in just 12 hours. The current trading price is $1.62.
Crypto trader Blockgraze noted that despite some speculators claiming WIF is in its accumulation zone, the chart suggests otherwise: '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.'
The price decline has impacted futures trading, with Open Interest falling 25% to $209.64 million over the same period, according to CoinGlass data.