What is the Wifedoge? Meet the cryptocurrency ‘wife’ of Dogecoin that grew more than 3,000% in one day and Elon Musk already ‘liked’ it

In just 24 hrs, the new cryptocurrency Wifecoin, ‘wife’ and clone of Dogecoin, enhanced its market capitalization by a lot more than 3,000%, should really you obtain?

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3, 2021

4 min go through

This write-up was translated from our Spanish version making use of AI technologies. Errors may exist thanks to this procedure.

Views expressed by Entrepreneur contributors are their personal.

Very last July they released the cryptocurrency Wifedoge , which is introduced as the ‘wife’ of Dogecoin , but in essence it is a clone of it. In addition to becoming a curiosity of the ‘crypto’ earth and possessing the ‘like’ of Elon Musk , the token stunned every person this week with a progress of much more than 3,000% in sector capitalization in just 1 working day, in accordance to details from CoinMarketCap .

This Tuesday, August 31, the Wifedoge exceeded 2.32 million pounds in marketplace capitalization , a figure 3,294.29% higher than the 68,350 pounds with which it commenced on Monday early morning.

Having said that, the ‘wife’ of the Dogecoin unsuccessful to maintain the streak and for this Thursday, September 2, its capitalization fell to $ 301,406 .

Source: CoinMarketCap.com

What is the Wifedoge?

Wifecoin signifies the ‘inception’ of cryptocurrencies , as it emerged as a parody of a digital forex (the Dogecoin ), which in switch was influenced by a meme to parody Bitcoin , so surreal!

The creators ensure that the price of each Wifecoin token will be equivalent to one Dogecoin . Outstanding news, taking into consideration that the DOGE improved its worth by 4.600% in a person yr and both equally Elon Musk and Mark Cuban see it as the “strongest” cryptocurrency.

1 WIFEDOGE = 1 DOGECOIN #wifedoge #dogecoin https://t.co/5SMfgSy02P pic.twitter.com/zrxqxfsvqr

– WIFEDOGE (@wifedoge) August 3, 2021

In addition, they declared that they would reserve 5% of the Wifedoge models for Elon Musk .

“We will give them to you at the ideal time, or else 5% of the tokens will be without end blocked,” reads a tweet from the Wifecoin account.

WIFEDOGE PRESALE Get started ON DXSALE https://t.co/6g7nlv8sll

Reserve 5% of the tokens for Elon Musk. Give it to him at the appropriate time, if not the 5% of the tokens will be permanently. Locked #bsc #wifedoge #dogecoin pic.twitter.com/oX1IHFcMpC

– WIFEDOGE (@wifedoge) July 11, 2021

In truth, the developers of the new cryptocurrency ‘meme of the meme’ are so sure they have the endorsement of Elon Musk , that they thanked him for his support on Twitter.

Thank you Elon Musk. I am Wifedoge. Doge’s spouse! Now is the fourth launch day on Pancakeswap! Many thanks for tweeting to cheer on Wifedoge. Trust us, we will before long shock international investors even extra. Our staff is performing tricky, ” reads one more tweet.

Thank you Elon Musk I’m Wifedoge. Doge’s spouse! Now is the fourth day of launch at Pancakeswap! Thank you for tweeting to stimulate Wifedoge Feel us, we will soon shock world-wide buyers even far more. Our undertaking team is doing the job tough #wfiedoge #dogecoin#doge #PancakeSwap pic.twitter.com/HAwvYKDjA7

– WIFEDOGE (@wifedoge) July 25, 2021

Should you spend in Wifedoge?

Industry experts guarantee that these vertiginous ‘ups and downs’ are caused by fraudulent manipulations of the crypto market place, which generates various victims.

“The sharp ups and downs in the value of lower liquidity belongings are often the end result of fraudulent manipulations recognised as ‘pump and dump’ and that consist of inflating their value and then offering it at overstated charges. The lack of rules in the crypto sector triggers lots of traders become victims of this plan, ” said RT en Español .

The determination to devote or not in Wifedoge is like with any other cryptocurrency : if you have excess revenue that you are keen to reduce in situation things go improper, then go for it. It under no circumstances hurts to have some tokens in your cryptocurrency portfolio that could skyrocket extra than 3,000% in 24 several hours .