Wifecoin or Wifedoge , the cryptocurrency considered to be the “wife” and clone of Dogecoin (DOGE), has significantly increased its market capitalization. It jumped over 3,000% in a single day, according to statistics from CoinMarketCap . Elon Musk’s support has something to do with it, but is it for as much that it is appropriate to invest in this digital asset? (Also Read: JPMorgan analyzed the current position of Bitcoin (BTC) and other cryptocurrencies)
Elon Musk , a pillar of Wifedoge’s growth ?
On Tuesday the 31st, the Wifedoge successfully traded the market cap of $ 2.32 million , which corresponds to a good of 3,294.29%. However, the DOGE “wife” failed to stay the course. On Thursday, September 2, its market capitalization fell to $ 301,406. (Must Read: Cheap electricity attracts Bitcoin (BTC) miners to Venezuela)
Wifecoin is a cryptocurrency that appears to be a parody of Dogecoin which, too, was launched with the aim of parodying Bitcoin (BTC). Its creators ensure that the value of each Wifecoin token will be equivalent to that of Dogecoin (DOGE). This is great news for investors, considering that DOGE has increased its value by 4,600% in just one year. Moreover, Elon Musk and Mark Cuban consider it to be the “strongest” cryptocurrency.
— WIFEDOGE (@wifedoge) August 3, 2021
The creators of Wifecoin have also announced that they will reserve 5% of the Wifedoge units for Elon Musk . “We will give them to you at the right time, otherwise 5% of the tokens will be blocked forever,” read a tweet from the Wifecoin account .
WIFEDOGE PRESALE START ON DXSALEhttps://t.co/6g7nlv8sll
— WIFEDOGE (@wifedoge) July 11, 2021
Why such a generous gesture on the part of the creators of the cryptocurrency? They are hoping that this “meme of the meme” will gain the support of Elon Musk , whose opinion plays on the price of digital assets. While waiting for him to draw attention to the “wife” of DOGE, the creators of Wifecoin wanted to express their gratitude on Twitter .
“Thanks Elon Musk. I am Wifedoge. Doge’s wife! Now is the fourth day of launch on Pancakeswap! Thanks for tweeting to support Wifedoge. Trust us, we will soon surprise global investors even more. Our team works hard, ” read another tweet.
Thank you Elon Musk❤️ I’m Wifedoge. Doge’s wife! Now is the fourth day of launch at Pancakeswap! Thank you for tweeting to encourage Wifedoge 🤪Believe us, we will soon surprise global investors even more. Our project team is working hard#wfiedoge #dogecoin #doge #PancakeSwap pic.twitter.com/HAwvYKDjA7
— WIFEDOGE (@wifedoge) July 25, 2021
Investing in Wifedoge , a good plan?
Should you invest in the Wifedoge ? This is the question investors are asking themselves. The experts have a positive response. At least they argue that the vertiginous ‘ups and downs’ of digital assets are caused by the fraudulent manipulation of the cryptocurrency market , which causes a lot of people to lose money.
“The sharp rises and falls in the price of assets with low liquidity are often the result of fraudulent manipulations known as ‘pump and dump’ which consist in inflating their value and then selling it at overvalued prices. The lack of regulation in the cryptocurrency market means that many investors fall victim to this scheme, ” RT said.
The choice of whether or not to invest in Wifedoge is purely and strictly personal , as is also the case for all other cryptocurrencies. If you want to invest, invest only what you can afford to lose . This is one way to protect against fluctuations in digital assets. Either way, owning cryptocurrencies, which can skyrocket in value by over 3,000% in 24 hours, is always beneficial.
Wifecoin , the “wife” of Dogecoin (DOGE) continues to make headlines in the cryptocurrency world. Supported by Elon Musk and Mark Cuban , DOGE has gained strong popularity and increased in value. It seems that his “wife” will follow the same path. Meanwhile, within 24 hours, its market capitalization increased to 3,294.29%.