The Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has seen its price plunge over the past week, losing 36% of its value in just a few days to drop out of the top 50 cryptocurrencies by market capitalization.

According to available market data, WIF is at the time of writing trading at around $1.65 per token down from an all-time high around the $5 mark seen earlier this year. Its price drop saw Fantom ($FTM) overtake it to become a top 50 cryptocurrency by market capitalization.

WIF price chart via CryptoCompare

At the time of writing WIF has a market capitalization of around $1.65 billion, making it the fourth-largest memecoin by the metric, behind leading meme-inspired token Dogecoin ($DOGE) and rival Shiba Inu ($SHIB). It’s also topped by PEPE, which has a $4.5 billion market capitalization, and is risking losing its fourth-largest memecoin position to $FLOKI, which has a $1.5 billion market cap.

Also read: AI Prediction: Dogecoin ($DOGE) vs. Pepe ($PEPE) – Which Is Likely the Better Buy for the Rest of 2024?

The price decline, first reported by Cointelegraph, came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, which at the time of his prediction was up over 1,130%, could keep on dropping before its performance turns around.

Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.

The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Featured image via Pixabay.