Dogwifhat (WIF), a memecoin on the Solana blockchain, has fallen out of the top 50 cryptocurrencies by market capitalization after suffering a significant 38% price drop over the past week. Over the past week, the price of Dogwifhat decreased by as much as 43%, which saw the market cap reach a low of $1.52 billion. This decline allowed Fantom (FTM) to surpass WIF momentarily, as Fantom's market cap rose by 2.24% to $1.65 billion.

While some traders suggest that WIF has entered an accumulation zone, others disagree. "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," remarked pseudonymous crypto trader Blockgraze in a June 23 post on X.

The sharp decline in Dogwifhat's value has also impacted futures trading. Open Interest (OI), which represents the total value of all unsettled Bitcoin futures contracts across exchanges, has dropped by 25% to $209.64 million over the same period, as reported by CoinGlass. If WIF rebounds by approximately 13% to its previous price of $1.81, it could potentially wipe out around $13.53 million in short positions.

Currently, Dogwifhat remains the fourth largest memecoin by market cap, trailing behind Pepe (PEPE), which boasts nearly three times Dogwifhat's market cap at $4.57 billion. At the time of writing, Dogwifhat is trading at $1.91, marking a remarkable 24% recovery over the past 24 hours. It has regained its top 50 ranking, flipping Fantom, according to CoinMarketCap data.