Top 50 edition. It’s only been a few months since Dogfight spills ink. And with good reason, this meme coin bearing the image of a dog in a pink hat has seen impressive growth. However, the rain doesn’t seem to be confined to mainland France as WIF fell by 38% in a week, after capricious bitcoin price. However, WIF holders can take solace: memecoin remains the 4th largest of its kind after Pepe.
Dogfight
On June 23, Dogfight ‘s market capitalization fell by 9% in just 12 hours, dropping to a $1.60 billion market cap. This rapid decline allowed Fantom (FTM) to take its place in the top 50, with its capitalization increasing by 2.24% to $1.65 billion.
This sudden fall gave rise to different reactions among traders and investors. Futures traders also reacted cautiously, with the number of outstanding futures contracts falling 25% to $209.64 million, according to Marketplace.
Despite its decline, Dogfight remains the fourth largest memecoin by market cap, far behind its main competitor, pepper which has almost three times the capitalization amounting to $4.57 billion. This comparison of course highlights the challenges Dogfight faces to maintain its position in the memecoin market.
WIF, PEPE, DOGE: investment giants remain confident
And yes. It seems that these tears of blood flowt, not only on WIF, but on many altcoinsin no way change the confidence of certain financial giants in cryptocurrencies bearing the image of the same.
Arthur Hayes, the former CEO of BitMEX, had provided for last March, as our colleagues at CoinTelegraph remind us Dogfight can reach 10 dollarswhen he had just passed the bar of $3 for the first time. Okay. This recent decline calls that optimistic forecast into question.
In the same vein, the ultra-rich Michael Novogratz also explained the importance of memecoins like WIF as the “cornerstone” of our ecosystem. Arguments supported by the report of his company Galaxy Digital, a titan of our ecosystem: “The Evolution of Memes and Their Place in Blockchains”.
As Dogwifhat continues to navigate a period of intense volatility, is its recent fall from the top 50 cryptocurrencies by market cap a harbinger of a downturn in the memecoin era? We won’t be able to know. Investors and traders remain divided on the future of this memecoin, with some seeing an opportunity for a buyback while others are taking a more cautious approach amid market uncertainty. In any case, it’s not the first time WIF strictly corrects. The case will be continued in the Journal du Coin.