Dogwifhat Faces Sharp Decline, Exits Top 50 Crypto List After 38% Crash
Release: 2024/06/24 21:09 Reading: 298
Dogwifhat (WIF) Faces Bearish Pressure, Loses Top 50 Crypto Status
Dogwifhat (WIF) has encountered significant bearish pressure, resulting in its loss of top 50 crypto status in the market. Despite emerging as a strong contender for the third largest memecoin behind Dogecoin (DOGE) and Shiba Inu (SHIB), WIF has suffered a setback.
Price Dump and Market Cap Decline
WIF investors have faced a blow after the memecoin lost its top 50 status following a 38% price dump. While it remains the fourth-ranked memecoin, its market cap ranking has dropped. At the time of writing, WIF has plunged 10%, extending its weekly losses to 36%. With a market cap of $1.55 billion, it has slipped to the 59th position.
Surpassed by Fantom
Fantom (FTM) has surged 2.24% and surpassed Dogwifhat in the top 50 cryptocurrencies by market cap. Dogwifhat's market cap has declined by 9% to $1.60 billion in 12 hours. Despite this, WIF remains the fourth largest memecoin after DOGE, SHIB, and PEPE, which has a market cap of $4.57 billion.
Accumulation or Further Losses?
WIF reached its all-time high three months ago, hitting $4.83. However, it has since lost 65% of its value. While some speculate that it is undergoing an accumulation phase, market experts warn that this may not be the case.
Pseudonymous crypto trader Blockgraze noted that the lack of accumulation indicates potential for further losses. Conversely, if holders are cashing out, WIF could experience a crash to its all-time lows.
Potential for Rebound
Despite the bearish sentiments, some remain optimistic about WIF's potential for a rebound. Former BitMEX CEO Arthur Hayes predicted that it could reach $10 in the long term.
Franklin Templeton has highlighted memecoins' potential for quick gains but cautions against their high price volatility. Coinbase has recently added support for WIF perpetual futures trading, offering a new avenue for investors.
Exchange Listings as a Catalyst
Exchange listings could potentially expose WIF to a wider investor base and boost its price. There are speculations that Robinhood and Bitstamp are considering listings. If materialized, this could inject new life into the coin's performance.
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