Future

Solana-based memecoin Dogwifhat open interest (OI) has declined amid a broader price drop since July 27, with traders expecting a near-term retest of a critical support level.
On Aug. 3, Dogwifhat (<a href="https://cointelegraph.com/dogwifhat-price-index">WIF</a>) OI — which measures the total value of all outstanding or unsettled Dogwifhat futures contracts across exchanges — fell to $252.5 million, approximately 28% down from&nbsp;$353.4 million seven days prior on July 27, <a href="https://www.coinglass.com/pro/dashboard/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/f4cb6867-e106-4f88-98ea-8c6d9e045b0d.png" alt="Dogwifhat open interest declines 28% amid fears of $1.50 ‘likely retest’" title="">
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 On April 1, Dogwifhat hit its yearly high in open interest, reaching $615.16 million.&nbsp;Source: CoinGlass
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WIF traded at $1.67 at the time of publication on Aug. 3, down 35.48% since July 27, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. Several crypto traders expect Dogwifhat to retest the $1.50 level, which has recently been identified as a critical support level.
“WIF, in the daily timeframe, is in a correction phase and is likely to move down toward the lower support trendline between $1.50 and $1.70,” Cryptorphic wrote in an Aug. 2 X <a href="https://x.com/Cryptorphic1/status/1819187520380588271" target="_blank" rel="noopener nofollow">post</a>.
“Price is correcting towards the daily support zone,” crypto commentator Scient <a href="https://x.com/Crypto_Scient/status/1817584618394018212" target="_blank" rel="noopener nofollow">stated</a>.
“The price of WIF reached my previous target and is now falling again and will likely retest the $1.5 support,” crypto trader CryptoJack <a href="https://x.com/cryptojack/status/1818885680371495211" target="_blank" rel="noopener nofollow">added</a>&nbsp;in a post to his 337,000 X followers.
<h3 data-ct-non-breakable="true" id="future-traders-not-hopeful-of-quick-rebound">Future traders not hopeful of quick rebound</h3>
<a href="https://cointelegraph.com/news/3-ways-futures-traders-can-use-leverage-and-avoid-liquidation-losses"></a><a href="https://cointelegraph.com/news/3-ways-futures-traders-can-use-leverage-and-avoid-liquidation-losses">Future traders are skeptical</a> of a&nbsp;quick rebound, with $11.89 million in short positions at risk if the price recovers to $1.80. Meanwhile, a further 10% decline down to $1.50 would wipe out $7.55 million in long positions.
Related: <a href="https://cointelegraph.com/news/dogwifhat-wif-price-16-solana-etf-hype">Dogwifhat jumps 16% — WIF price eyes more gains as Solana ETF hype grows</a>
The price is now significantly further away from the <a href="https://cointelegraph.com/news/dogwifhat-price-to-10-arthur-hayes">$10 prediction made by Arthur Hayes</a>, the former CEO of BitMEX and current chief investment officer at Maelstrom, in March.
“The hat stays on while I count to $10,” Hayes wrote in a March 14 X post, shortly before WIF hit $3 for the first time.
Cointelegraph reported in June that Dogwifhat <a href="https://cointelegraph.com/news/dogwifhat-wif-cryptocurrency-memecoin-market-cap">had dropped out of the top 50 cryptocurrencies</a> by market capitalization. Since then, it has made a comeback, and is currently ranked at number 47, just above Sui (<a href="https://cointelegraph.com/sui-price-index">SUI</a>).
Magazine: <a href="https://cointelegraph.com/magazine/crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/">Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogwifhat open interest declines 28% amid fears of $1.50 ‘likely retest’

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