Dogecoin price pops and drops after Kabosu’s death, Elon Musk tweet
Release: 2024/05/25 02:41 Reading: 264
Dogecoin (DOGE) Experiences Price Spikes After Inspiration's Passing
Following the passing of Kabosu, the inspiration behind the Dogecoin meme, the cryptocurrency witnessed two brief price spikes.
First Spike
The first spike occurred around 1:40 a.m. ET when news of Kabosu's passing emerged. Dogecoin's official X account tweeted, "Today, Kabosu, our community's shared friend and inspiration, peacefully passed, in the arms of her person."
Second Spike
The second spike occurred around 11 a.m. ET, sparked by a tweet from Elon Musk, a prominent Dogecoin supporter. Musk tweeted an image of the Shiba meme accompanied by a gorilla, stating, "OG Doge has ascended to heaven to be with his friend Harambe."
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Background
Kabosu, a Shiba Inu, became an internet sensation in the early 2010s, inspiring the creation of Dogecoin in December 2013. Dogecoin has since become the largest memecoin by market capitalization, spawning numerous other dog-themed memecoins.
Musk's involvement has significantly influenced Dogecoin's price, with his frequent endorsements driving it to record highs in 2021.
Current Market Performance
At the time of publication, DOGE is trading around $0.17, up 3.8% over the past 24 hours. Over this period, approximately $2.8 billion worth of Dogecoin has been traded.
Related Tokens
Other memecoins, such as Shiba Inu (SHIB) and FLOKI (FLOKI), also experienced brief price increases following the news.
Disclaimer:
The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority stake in The Block. Foresight Ventures invests in various companies within the crypto space, including Bitget, an anchor LP for Foresight Ventures. The Block maintains its independence and delivers objective, impactful, and timely information about the crypto industry.
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