On May 9, the price of Dogwifhat (WIF) dropped to below $2.8, down 24% from the monthly high of $3.7 set on May 6. Resilient speculative traders continue to hold bullish bets on WIF.

In May 2024, Dogecoin Dog Hat's price performance appears optimistic as WIF, the largest memecoin project on Solana, continues to lead in market capitalization ahead of BONK.

During the same period, BONK also saw significant growth in price. However, its 42.13% increase pales in comparison to WIF's 61.44% surge in the first five days of May 2024.

It is worth noting that WIF's price has retraced by 24% in the past 48 hours, reaching a support level of $2.81 on May 9. Despite this retracement, speculative WIF traders still maintain a predominantly bullish stance.

With a 24% decline in price, investors in WIF continue to pour more funds into the WIF futures market, hoping for a short-term recovery in the most popular memecoin on Solana.

When WIF's price started to decline on May 6, the options open interest for WIF was $295 million. Despite the subsequent 24% price drop, the latest data shows that WIF's options open interest has increased to $300.2 million. This essentially means that instead of liquidating during the price drop, WIF futures traders have injected over $5 million in funds over the past 48 hours.

Typically, when there's a surge in options open interest early in a price decline, strategic investors may view it as a positive signal. This indicates that traders are increasing hedging positions to consolidate their holdings rather than exiting.

After failing to break through $3.8 on May 6, Dogecoin Dog Hat's price dropped by 24%. However, with speculative traders injecting $5 million in new funds over the past 48 hours, WIF's price may break free from its downward trend and attempt to reclaim $4 in the coming days.