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CryptoXTimes > Article > News > Dogecoin Spikes After Musk Honors Kabosu
NewsAltcoin News

Dogecoin Spikes After Musk Honors Kabosu

Musk's tribute boosts Dogecoin and Shiba Inu briefly rises in value.

Aima Raza
Last updated: May 24, 2024 10:03 pm
Aima Raza 1 year ago
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Dogecoin Spikes After Musk Honors Kabosu

Elon Musk, an entrepreneur, paid respect to Kabosu, the Shiba Inu dog who inspired the Dogecoin meme and died earlier today.

Musk shared a picture of the famous dog being embraced by a Harambe gorilla with angel wings. The picture was set in clouds and had an ethereal glow to it. Doge has “ascended to heaven” to be with its “friend” Harambe, Musk said.

pic.twitter.com/HAhqxoTcvi

— Elon Musk (@elonmusk) May 24, 2024

The price of Dogecoin (DOGE) went up over 4% after Musk’s post, but it lost some of its gains. In the same way, the value of the competing joke coin Shiba Inu (SHIB) rose almost 3%, though the gains did not last long.

He was 19 years old when he died on Friday. The owner, Atsuko Sato, said the popular Shiba Inu dog “crossed the rainbow bridge” without problems. Sato adopted Kabosu in 2008, and in 2010 a picture of him that inspired the Doge meme made him a social media star.

Doge Meme Sparks Dogecoin

Because of the Doge meme, which includes incorrect grammar and the cute Shiba Inu, the Dogecoin altcoin was made in 2013, Dogecoin became very famous in 2021, mostly because Musk promoted it.

People all over the world were shocked when a zoo worker shot and killed Harambe the gorilla in 2016 because a three-year-old boy had broken into his cage. Because of what happened, Harambe became an irony, and hashtags like #JusticeForHarambe spread quickly. 

Before Musk’s tribute, Harambe had been in several other tributes, including ones to renowned artists like David Bowie and Prince. In May 2021, a picture of Harambe was auctioned off as a non-fungible currency.

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TAGGED: Cryptocurrencies, Dogecoin, Elon Musk, Shiba inu
By Aima Raza
As a practicing lawyer who focuses on issues related to crypto and blockchain, Aima gives our content a unique legal viewpoint. Because she is so good at navigating the constantly changing regulatory environment, our readers always know about the latest regulations and happenings in the crypto world.
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