Dogwifhat, a memecoin based on the Solana blockchain, has seen a sharp decline in its price over the past week. Dropping out of the top 50 cryptocurrencies by market capitalization, Dogwifhat fell by 38%.

On June 23, the cryptocurrency’s market cap dropped 9% to $1.60 billion in just 12 hours. Consequently, it was surpassed by Fantom, which increased by 2.24% to reach a market cap of $1.65 billion. Despite earlier speculation about Dogwifhat reaching an accumulation zone, the current status does not support this.

Despite the drop, Dogwifhat remains the fourth largest memecoin by market cap, behind Pepe, which has a market cap of $4.57 billion. Currently, Dogwifhat is trading at $1.62, a 38% decrease over the past week, according to CoinMarketCap data.

The price drop has affected futures traders, causing them to hesitate in betting on Dogwifhat's future value. According to CoinGlass data, Open Interest, representing the total value of all unsettled Bitcoin futures contracts across exchanges, has decreased by 25% to $209.64 million during the same period.

This decline contrasts sharply with earlier predictions of Dogwifhat tripling in value when it was trading at $3 earlier this year. Arthur Hayes, former CEO of BitMEX, had forecasted a rise to $10 for the Solana-based memecoin. With the recent downturn, a significant reversal is needed for these predictions to be realized.