If there is one thing that continues to keep Dogecoin performing positively is the community behind it. Creating a 'lore behind the famous Shiba Inu, the community created a "good wife" for the "single" Shiba Inu, Wifedoge (WIFEDOGE). Wifedoge has been up this last week, with many wondering where and how to buy—here is how.
Up over 3,000 percent in one day, WifeDoge already has the self-proclaimed "dogefather," Elon Musk "liking" it.
Keeping this in mind, the community has already allocated roughly 5 percent of the total supply to the Dogecoin fan. Garnering market attention, Wifedoge has impressively placed fifth according to CoinMarketCap this past week, making it a great pair for Dogecoin.
How does Wifedoge work?
In being a "good wife" of Doge, WIFEDOGE operates in rewarding users who hold the token by "making them money" and has a burning mechanism for anyone that "abandons her."
This narrative insinuates and incentivizes users to hold the token. With much of the community aiming to have one WIFEDODGE equal to one DOGE, they hope to decrease its overall volatility.
As a top gainer according to both CoinGecko and CoinMarketCap, the Dogecoin spinoffs have resonated well with the community while other critics disagree with this notion. However, fans of Dogecoin would be happy to know that they can also grab the "son" of Wifedoge and doge, Babydoge.
Where can you buy Wifedoge (WIFEDOGE)?
The Wifedoge token is supported on the Binance network where investors can purchase the coin on Pancake swap. Currently, the coin has two pairings with either wrapped Binance coin (BNB) or Tether (USDT).
Currently, at the time of writing, WIFEDOGE is trading at $0.000000000091 and is up an estimated 94 percent with a 24-hour trading volume of $7,421,617. While it could not maintain its hot streak from its initial launch, the community is still optimistic.
Is Wifedoge a good investment?
Certainly, bias and speculative, community members are betting that the token will have the return of investment of 1,000 times. Noting the fact that Elon Musk is already taken to it, the token will be at the mercy of the communities effort to drive up the token's value, which they are confident in.
It is important for prospective investors to note that the total market cap of Wifedoge is in the trillions. In fact, there are a total of 747,000,000,000,000 WIFEDOGE tokens.
Given its burning mechanism, investors hope that in this the token price may move however, that may take longer than expected given the sheer amount of tokens.
There is no denying that many were speculating about how the community meme token would perform, but its overall success speaks to the potency the community can have. Not to mention, with Elon already in favor, it will only be a matter of time before another tweet goes viral, impacting the overall market and price.