Dogecoin (DOGE) saw brief price spikes after the death of Kabosu, the Shiba Inu behind its iconic meme.
The first spike occurred at 1:40 a.m. ET when news of Kabosu’s passing broke, followed by an announcement from Dogecoin’s official X account.
The second spike happened around 11 a.m. ET after Elon Musk tweeted about Kabosu, referencing the meme’s impact and Harambe, a famous internet meme.
DOGE, created in December 2013, is the largest memecoin by market capitalization. Following the news, DOGE traded around $0.17, up 3.8% in 24 hours, with $2.8 billion traded. Related tokens like Shiba Inu (SHIB) and FLOKI also experienced brief spikes.
The photo of Kabosu, the Shiba Inu, became a $4 million NFT during the NFT craze. Dogecoin (DOGE), initially a joke by two software engineers, is now the eighth-most valuable cryptocurrency with a $23 billion market cap. Its price increased today, likely due to Kabosu’s passing.
Elon Musk, a prominent backer of Dogecoin, enabled its use for buying Tesla products. Other supporters include Snoop Dogg, Gene Simmons, and Mark Cuban.
Dogecoin inspired various meme coins, such as the Shiba Inu coin and others themed around cats, Elon Musk, and Donald Trump, all of which are highly volatile.
Musk has significantly promoted Dogecoin, including changing the Twitter icon to the Shiba Inu before rebranding to X. He also caused a notable drop in Dogecoin’s value during his SNL appearance and has been accused of using the coin to defraud investors and create a pyramid scheme.
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