Memecoins
DOGE and SHIB increase prices after Elon Musk’s tweets about the death of dog mascot Kabosu
Dogecoin, popular dog-themed coins (DOGE) and shiba inu (SHIB) rose on Friday after Elon Musk tweeted about the death of Kabosuthe dog that inspired the tokens.
DOGE jumped 5% to a high of 17.3 cents within minutes of the release, while SHIB surged almost 3% during the same period. However, the progress proved short-lived as both cryptos pared their gains. Nonetheless, DOGE rose 6% and SHIB gained 1% over the past 24 hours, outperforming the mostly flat broader market. CoinDesk 20 Index.
The action highlights the influence Musk has in the memecoin market, with many crypto enthusiasts speculating on the possibility that he is behind one of the largest dogecoin holders and could integrate the token into a payment system x.
Kabosu, the face of dogecoin and several other meme tokens, died early Friday, its owner wrote in a blog post. She was over 17 years old.