Dogecoin Price Surge and Drop After Kabosu’s Death, Musk’s Tweet

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As a crypto investor with a long-term perspective and a deep interest in the history of memecoins, I find the story of Kabosu and Dogecoin truly fascinating. The news of Kabosu’s passing brought back memories of how this meme-inspired cryptocurrency came to be and gained massive popularity.

Atsuko Sato announced on her blog at 1:40 a.m. ET the sad news about the death of the Shib Inu dog, whose image is associated with Dogecoin, leading to two brief price increases for the cryptocurrency.

Kabosu holds the distinction of being the representative figure for Dogecoin, a humorous cryptocurrency that emerged during the height of crypto speculation’s frenzy. Coined as the first “meme coin” and the “dog coin,” Dogecoin was created to poke fun at the market’s unchecked excitement surrounding digital currencies.

Around the beginning of the 2010s decade, a Shiba Inu meme became widely used and famous, paving the way for the creation of Dogecoin in December 2013. At present, DOGE holds the highest market value among various dog-themed meme cryptocurrencies that followed its lead.

As an analyst, I’d rephrase it this way: Around 11 a.m. Eastern Time, I observed a second surge in activity. This surge was triggered by a well-known memecoin advocate sharing news about Kabosu’s passing on Twitter.

On Friday, Dogecoin’s X account, which represents the official voice of the cryptocurrency, announced that Kabosu, a beloved member of our community and source of inspiration, passed away peacefully, surrounded by her caring owner. The influence this extraordinary dog has had on people around the world is beyond measure.

On Friday, when the “doge meme” gained widespread popularity, Elon Musk, the CEO of both SpaceX and Tesla, expressed condolences for the passing of Japanese Shiba Inu Kabosu.

Elon Musk shared a humorous image on X, captioned “Rest in Peace OG Doge, you’ve joined your pal Harambe in the afterlife.” In this post, Musk referenced the gorilla as a nod to an intriguing episode from the digital realm.

— Elon Musk (@elonmusk) May 24, 2024

Back in May 2016, a young boy entered the gorilla habitat at the Cincinnati Zoo, leading Harambe, a 17-year-old gorilla, to take him by force. In response, a zoo employee made the difficult decision to euthanize Harambe, an action that ignited an outpouring of online tributes and humorous commentary.

Based on current market information from CoinMarketCap, as of now, DOGE is priced around $0.16 with a 4.3% growth in the past day. Over this period, approximately $2.8 billion in DOGE transactions have taken place.

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2024-05-24 23:16