In just 24 hours, the new cryptocurrency Wifedoge, the “wife” and clone of Dogecoin (DOGE), increased its market cap by 3%. increased by more than 000. So what triggered this rise and is this altcoin worth buying? Cryptocoin. com we have compiled the details for you…
Dogecoin (DOGE)’s “wife” Wifedoge made 3,300 percent in 24 hours!
In July last year, Wifedoge was launched, which was presented as the “wife” of Dogecoin (DOGE), but was essentially a clone of it. According to CoinMarketCap, in addition to sparking curiosity in the cryptocurrency world and loving Elon Musk, this token is up 3% in just one day this week. It surprised everyone with its market capitalization growth of more than 000 000.
As of Tuesday, August 31st, Wifedoge’s market cap is 3% from $68,350 when it started Monday morning. It increased by 300 to exceed $2.32 million. However, Dogecoin’s “wife” could not hold this level and on Thursday, September 2, its market cap dropped to $301,406.
What is Wifedoge (WIFEDOGE)?
Wifedoge represents the “birth” of cryptocurrencies as it originated as a parody of the popular cryptocurrency Dogecoin. The inventors guarantee that the value of each Wifedoge token will be equivalent to one Dogecoin. 4% of DOGE’s value in one year. That’s great news considering it has raised 600, and both Elon Musk and Mark Cuban consider it the “strongest” cryptocurrency.
In addition, the team announced that they will allocate 5% of Wifedoge tokens to Elon Musk. “We will give them to you at the right time, otherwise 5% of the tokens will be permanently blocked,” says a tweet from the Wifedoge account. In fact, the developers of the new meme coin are so confident they have the support of Elon Musk that they thanked him for his support on Twitter. The team shared the following on the subject:
Thanks to Elon Musk. I am Wifedoge. Doge’s wife! Now is the fourth launch day on Pancakeswap! Thanks for tweeting to cheer up Wifedoge. Trust us, we will surprise global investors even more soon. Our team works hard.
Should you invest in Wifedoge? What are the risks?
Experts claim that these dizzying “ups and downs” are due to fraudulent manipulations in the cryptocurrency market that have resulted in a large number of victims. Experts comment on the subject as follows:
Sharp increases and decreases in the prices of low-liquidity assets are often the result of fraudulent manipulation known as “pump and dump”, which involves inflating their value and then selling them for inflated prices. The lack of regulation in the crypto market is causing many investors to fall victim to this scheme.
Wifedoge is warning for the meme coin, as there is not a crypto currency that has been coined in the market yet and it is the scene of volatile price movements. For this reason, you should not sanction any coin without doing your own research and researching crypto money projects in detail.