A meme-inspired cryptocurrency dogwifhat (WIF) remains in the spotlights now. Many traders who put their faith in it as well as their money have already lost their deposits after WIF suffered an unexpected plunge in its price. The last month should have been rosy for WIF if it is compared to the general trend of the market. The fact that WIF has got a 4.45% drop in price is very surprising causing some investors to have doubts and others to speculate on what may have brought about this situation.
Dogecoin, funny init, is known for its unconventional style and fiercely loyal community. It has also been one of the most successful coins in the crypto market. On the contrary, the growth in recent market conditions and “a” changing moods have just succeeded in dampening the progress of the coin.
Herewith we refer to Elon Musk, the charismatic tech grandmaster and one of the most influential spokespersons of Dogwifhat who in the plane of Bitcoin also played a tremendous role. “Despite the upsetting volatility in dog whisker’s price, I believe in a positive prospect in its long-term future,” Elon Musk words. “Community and imagination lies in the core of the project, which means the project’s influence shouldn’t be measured.”
However, Musk put selling the cars as market readies at the heart. “The Dogwifhat team needs to intensify their marketing campaigns and continuously modify the platform so that it is sustainable, timeless, and in sync with the interests of the increasing number of dog owners globally.”
Nonetheless, Jessie Nguyen a Dogwifhat investors and cryptocurrency supporters released her mixed emotions. “I joined the Dogwhistler community from its early days and made good friends during these years: camaraderie and a sense of belonging became a magical experience to me,” Nguyen said. “The day following our climb I found myself browsing the market for hydration belts and felt apprehensive that the recent price drop may be a sign of this brand’s ending.”
While CoinGecko, an authority in data aggregation in the cryptocurrency space, reports that Doge’s market cap has gone down to $3,014,852,210, it remains the 39th in cryptocurrencies by market cap list, CoinGecko says. The trading volume in the 24-hour time frame has reached a considerable $696,917,454, representing a 20.87% charted increase, probably reflecting the upsurge in market activity as participants do position restructuring.
One of the main reasons that meme currency is going down in the market can be considered to be because of the frustration of the market and the changing minds that are about the sanctity of meme-based cryptocurrencies. While Dogwifhat has been confronted with strong market competition, there are still some non-trivial binding elements indispensable for their brand. Hence, the main task to assess is whether Dogwifhat will be able to recover by using its community and unique branding.
However, unlike gold, which in its entirety is a tangible asset, cryptocurrencies have intangible features such as algorithms, consensus mechanisms, transaction history, and blockchain technology that contribute to their value. Investors are urged to take caution when uttering any investment decision and research thoroughly before committing.
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