Dogecoin (DOGE) Plummets as Community Mourns Beloved Shiba Inu ‘Kabosu’

• Kabosu, the Shiba Inu behind the Doge meme and Dogecoin logo, has passed away, impacting Dogecoin’s market.
• Dogecoin’s price fell following the news of Kabosu’s passing, reflecting the sentimental impact.
• A memorial for Kabosu is planned, highlighting her significant influence in the cryptocurrency sector.

Discover how Kabosu’s passing has impacted Dogecoin’s market and the broader cryptocurrency community.

Kabosu’s Legacy and the Rise of Dogecoin

Kabosu, the Shiba Inu dog whose curious expression sparked the meme that gave rise to Dogecoin (DOGE), has passed away. The iconic image that launched a thousand memes was first shared by Kabosu’s owner, Atsuko Sato, in 2010 on her personal blog. The photograph, which captured Kabosu’s peculiar, skeptical look, quickly resonated with internet users worldwide. Accompanied by humorous, misspelled captions in Comic Sans, the image of Kabosu evolved into the “Doge” meme, embedding itself deeply into internet culture.

The meme eventually inspired the creation of Dogecoin in 2013. Initially conceived as a joke, the cryptocurrency adopted Kabosu’s visage as its logo, symbolizing the light-hearted spirit of the project. Despite its comedic origins, Dogecoin gained substantial traction and utility, supporting various charitable causes and sporting events. It became the progenitor of a new category of digital assets known as memecoins, influencing other major tokens like Shiba Inu and Floki.

Market Reaction to Kabosu’s Passing

Following the announcement of Kabosu’s passing on 24th May, Dogecoin experienced a notable downturn in its market price, with a 6.2% decrease over the last 24 hours, positioning the price at $0.1568. This recent fluctuation occurred amidst broader discussions within the community about the memecoin’s future and its role in the crypto ecosystem. Kabosu’s death marks not just the end of an era for the Dogecoin community but also casts reflections on the volatility and sentimental value driving the memecoin sector.

Meanwhile, looking into Dogecoin’s notable metrics, market data from Santiment revealed a significant drop in price volatility from its peak in March, indicating a stabilization in its trading patterns. While decreased volatility might suggest a maturing market, it also diverges from the traditionally erratic price movements expected of a memecoin.

Dogecoin’s Technical Projections

Technical analysis of Dogecoin’s chart indicates a potential retracement, as the cryptocurrency recently traded above a previous lower high. Specifically, the 4-hour chart suggests that DOGE may continue to decline to the $0.13 level to test a key demand level before potentially rebounding to resume its uptrend. This analysis aligns with a recent report from AMBCrypto, which posits that a break past the resistance levels at $0.1698 and $0.1844 would confirm a bullish movement for Dogecoin.

Conclusion

Amidst these market speculations, the Dogecoin community and Kabosu’s followers prepare to honor her memory. A memorial ceremony for Kabosu is scheduled to take place at Flower Kaori in Kotsu no Mori, Narita City. The event will provide an opportunity for those touched by Kabosu’s story to celebrate her life and impact, which transcended the digital world to create a lasting imprint on both cryptocurrency and internet history.