The crypto market, in a broader sense, is not performing well. This is evident in the way two dominant tokens move across the price charts. The Solana memecoin, Dogwifhat ($WIF), feels the heat. Last seen, it lost its position among the top 50 cryptocurrencies globally in terms of market cap. As of June 23, 2024, it had lost 9% of its value to reach the mark of $1.60 billion within a 12-hour timeframe.
Fantom made the most of it by overtaking WIF and entering the list of the top 50 digital assets by market cap.
WIF, interestingly, made it to the headlines as the only token in the top 100 cryptos to register the steepest decline in the last 7 days. WIF maintains its 4th position on the meme coin charts but now stands at 51st overall. The market cap has dropped by 12.15% to $1.5 billion at the press time. With an uptick of 28.01%, the 24-hour trading volume holds the flag higher.
Many crypto enthusiasts assume that this is an ongoing accumulation phase for Dogwifhat. It is believed that traders are buying the dip so that they can take profits home later. Blockgraze, a crypto trader operating under a pseudonym, has expressed a different perspective. They believe that there is no accumulation phase.
Members have begun to respond to this statement by suggesting that either WIF is likely accumulating losses, or that accumulation is already underway and the community is simply waiting for the bottom of the box. The latter can roughly translate to a hint that accumulation is on the horizon and the phase is not that far away.
Future traders, as of June 23, 2024, are holding their bets on WIF close to the chest with no activity whatsoever, given that the near-term direction is bearish. The Open Interest (OI) has dropped by 25% to $209.64 million, as per the data published by CoinGlass.
WIF is listed at $1.54, down by 12.66% in the last 24 hours. It further reflects a fall of 38.73% in the last 7 days and 45.97% in the last 30 days. Dogwifhat was valued at $3 on March 14 this year. So, the decline is indeed steep. Arthur Hayes, Maelstrom’s Chief Investment Officer, had predicted at the time that WIF would eventually surpass $10 on the trading board.
Despite the prevailing bearish sentiments, that target is still on paper. WIF is predicted to hover around $5.35 in the next 30 days. That would be a 228.96% increase from the current value, despite the ongoing volatility level of 19.20%. The Fear & Greed Index has given WIF 55 points, and the token has seen around 30% green days in the last 30 days.
Bitcoin ($BTC) and Ethereum ($ETH) have also fallen to $61,058.36 and $3,280.74, respectively, (at the time of writing this piece). The global crypto sphere’s collective market cap has declined by 3.64% and is now around $2.26 trillion.