Delmy Belknap
May 25, 2024 - 12:05

Elon Musk mourns Kabosu, Dogecoin price jump

"Dogecoin price surges after passing of Kabosu, the Shiba Inu who inspired meme cryptocurrency, boosted by Elon Musk's tweet."

Dogecoin (DOGE) experienced a surge in price on Friday following the news of the passing of Kabosu, the Shiba Inu who served as the inspiration for the popular meme cryptocurrency.

The memecoin saw a rise in value after it was announced that Kabosu had peacefully passed away in the arms of her owner. Dogecoin's official account on X shared the news, paying tribute to Kabosu as a beloved friend and inspiration to the community. Kabosu's image was the face of the viral meme that ultimately led to the creation of Dogecoin back in December 2013.

A second increase in Dogecoin's price occurred after Elon Musk tweeted about Kabosu's passing, posting a picture of the Shiba meme alongside Harambe, another internet sensation. Musk's tweet connecting the two viral icons further boosted the value of Dogecoin, as his endorsements have historically had a significant impact on the cryptocurrency's price.

Despite Musk's claim that he doesn't spend much time thinking about cryptocurrency, his influence on Dogecoin remains strong. Following the news of Kabosu's death and Musk's tweet, DOGE was trading around $0.17, showing a 3.8% increase over the past 24 hours, with approximately $2.8 billion worth of Dogecoin traded during that period.

In response to the news of Kabosu's passing, other dog-themed tokens like Shiba Inu (SHIB) and FLOKI also experienced temporary spikes in value. Kabosu, who was over 17 years old, was a cherished internet figure due to her viral meme picture that sparked the creation of Dogecoin.

Her passing marks the end of an era for one of the most influential memes in internet history. A farewell party in honor of Kabosu is set to take place on Sunday, May 26, at Flower Kaori in Kotsu no Mori, Narita City. Dogecoin, originally created as a joke currency, has evolved into the largest memecoin by market capitalization, inspiring a range of other dog-themed tokens in the process.