Solana-based memecoin Dogwifhat (WIF) has seen a decline in open interest (OI) amid a broader price drop since July 27, with traders anticipating a near-term retest of a critical support level. On August 3, Dogwifhat’s OI — representing the total value of all outstanding or unsettled Dogwifhat futures contracts across exchanges — fell to $252.5 million. This marks a 28% decrease from $353.4 million just seven days earlier on July 27, according to CoinGlass data. Earlier this year, on April 1, Dogwifhat hit its yearly high in open interest, reaching $615.16 million, according to CoinGlass. WIF was trading at $1.67