Popular dog-themed meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant surges on Friday following Elon Musk’s tweet about the death of Kabosu, the dog that inspired these tokens.
DOGE surged as much as 5%, reaching a session high of 17.3 cents within minutes of Musk’s tweet, while SHIB rose nearly 3% over the same period. Despite these gains being short-lived, both cryptocurrencies have seen declines, with DOGE up 6% and SHIB up 1% over the past 24 hours, outperforming the mostly flat CoinDesk 20 index.
This market activity highlights Musk’s influential influence on memecoins, and among cryptocurrency enthusiasts, his potential role as one of the largest Dogecoin holders and the token’s presence on X (formerly known as Twitter but now owned by Musk) It sparked speculation about its possible integration into payment systems. .
Kabosu, the Shiba Inu who became the face of Dogecoin and other meme tokens, passed away early Friday morning, her owner posted on her blog. Cabos was over 17 years old.
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