Dogwifhat, a memecoin rooted in the Solana blockchain, has witnessed a severe decrease in its price over the past week. Falling out of the top 50 list of cryptocurrencies based on market capitalization, Dogwifhat experienced a significant 38% decline.
On the 23rd of June, the cryptocurrency’s market cap fell 9% to $1.60 billion within 12 hours. Consequently, it was outperformed by Fantom, which rose by 2.24% to attain a market cap of $1.65 billion. Although users had previously been speculating about Dogwifhat hitting their accumulation zone, current status does not support this claim.
Despite the dip, Dogwifhat remains the fourth largest memecoin by market cap, only trailing Pepe, which boasts a market cap nearly three times the size of Dogwifhat, being $4.57 billion. At present, Dogwifhat trades at $1.62, which marks a 38% decrease over the last week, as per the data from CoinMarketCap.
The price drop appears to influence futures traders, refraining them from wagering on the imminent direction of Dogwifhat’s value. As per CoinGlass data, Open Interest, which represents the total worth of all unsettled Bitcoin futures contracts across exchange platforms, has reportedly declined by 25% to $209.64 million during the same period.
The decline in Dogwifhat’s price comes as a stark contrast to former predictions of it tripling when it was trading at $3 earlier this year. Arthur Hayes, the ex-CEO of BitMEX, had anticipated a rise to $10 in the price of the Solana-based memecoin. With the recent downturn, it appears that a reversal of fortunes is needed for these predictions to mount a comeback.