Dramatic Drop: Dogwifhat Slips from Top 50 Cryptocurrencies Following 38% Price Plunge
Summary:
The Solana-based memecoin, Dogwifhat (WIF), experiences a 38% price drop and slips out of the top 50 cryptocurrencies by market cap. The sudden decrease resulted in the rise of Fantom (FTM) in the rankings. Despite the decrease, Dogwifhat remains the fourth largest memecoin by market cap, surpassed by PEPE (PEPE), which has almost triple the market cap. The price drop also caused futures traders to pause on betting on Dogwifhat's direction.
Within the last week, Dogwifhat (WIF), a Solana-based memecoin, slid out from the ranking of the top 50 cryptocurrencies in terms of market cap after experiencing a price drop of 38%. On June 23rd, the market cap of Dogwifhat slumped by 9%, falling to $1.60 billion in the span of twelve hours. As a result, Fantom (FTM) stepped up, claiming Dogwifhat's spot in the top 50 by rising 2.24% to a $1.65 billion market cap. "In spite of the chatter about WIF being a prime candidate for accumulation, the empirical evidence—mainly its stagnating price—doesn't support this," commented an anonymous crypto trader, Blockgraze, on a June 23 X post. Dogwifhat maintains its position as the fourth biggest memecoin by market cap, sitting beneath PEPE (PEPE), a token with a market cap nearly triple that of Dogwifhat's, at $4.57 billion. At the time of reporting, data from CoinMarketCap showed a price for Dogwifhat of $1.62, down 38% over the past week. The sudden price drop has left futures traders taking a step back from placing direction wagers on Dogwifhat. CoinGlass data indicates that Open Interest (OI)—the combined value of all unsettled and outstanding Bitcoin futures contracts across all exchanges—has fallen 25% to $209.64 million. Should WIF experience an approximated 13% jumpback to its former price of $1.81 from two days earlier, an estimated $13.53 million in short positions could be liquidated. This article does not serve as a direct investment or trading recommendation. All investment and trading activities involve risk, and readers are encouraged to carry out their own research prior to making any decision.
Published At
6/24/2024 4:48:44 AM
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