Dogwifhat (WIF) has recently been experiencing significant losses, trading at $2.34, which reflects a 7.12% decline over the past 24 hours. This notable drop positions Dogwifhat among the top losers today, signaling heightened market volatility and potential investor concern.
With a market capitalization of approximately $2.33 billion, Dogwifhat is ranked as the 40th largest cryptocurrency by market cap. This substantial valuation highlights its significant presence in the cryptocurrency space, despite the recent downturn. The large market cap suggests a considerable level of investment and market confidence, though recent trends indicate potential issues impacting its price.
The trading volume for Dogwifhat over the past 24 hours is $298.75 million, marking a 13.93% increase from the previous day. This rise in volume contributes to a volume-to-market cap ratio of 12.75%.
A higher volume-to-market cap ratio indicates that a substantial portion of Dogwifhat’s market cap is being actively traded, reflecting significant market activity and liquidity. However, despite the increase in trading volume, the price has continued to fall, suggesting that the market may be reacting to negative news or sentiment.
Dogwifhat has a circulating supply of 998,845,679 WIF, which is also the total supply. This means that there are no additional tokens expected to be released into the market, which can contribute to scarcity and potentially affect future price dynamics.
The fully diluted market cap, which represents the market value if the entire supply were to be in circulation, is approximately $2.33 billion. Since the circulating supply matches the total supply, the fully diluted market cap is equivalent to the current market cap.
The alignment between the circulating supply and the total supply, coupled with the absence of a maximum supply cap, suggests that Dogwifhat’s supply dynamics are straightforward and predictable.
However, the recent drop in price despite active trading suggests that market sentiment might be driven by external factors or internal issues affecting investor confidence.
Overall, Dogwifhat (WIF) presents a complex profile in the cryptocurrency market. Its significant market cap and high trading volume indicate an active market presence and substantial liquidity.
However, the recent decline in price and the substantial volume-to-market cap ratio suggest heightened market volatility and potential investor concerns.
Investors should closely monitor Dogwifhat’s ongoing market performance and any relevant news or developments that could impact its future outlook. The current metrics highlight that while Dogwifhat is a notable asset within the cryptocurrency market, it is currently experiencing significant volatility.
As always, a careful assessment of market conditions, news, and broader trends is essential for making informed investment decisions in the dynamic and often unpredictable cryptocurrency sector.