Recent price fluctuations highlight Elon Musk's significant influence on the dog-inspired memecoin market.
Earlier, early Friday morning, Kabosu's owner announced on his blog that the dog had passed away at the age of 18. Kabosu was not only the symbol of Dogecoin but also inspired many other Token meme .
Kabosu's departure triggered two short-term Dogecoin price increases. The first increase took place immediately after news of the dog's passing spread. Dogecoin 's official X account tweeted: “Today, Kabosu, a friend and inspiration to our community, passed away peacefully in the arms of his owner. The impact this dog has had around the world is immeasurable.”
The second price increase came when Elon Musk, CEO of Tesla, X and SpaceX, posted a tweet in memory of Kabosu. Shiba Inu (SHIB – a memecoin also inspired by Kabusa – has also had a significant increase.
Just a few minutes after billionaire Elon Musk's post, Doge price jumped 5% to a session high of 0.173 USD. Similarly, SHIB also increased by nearly 3% during the same period. Although the bullish momentum did not last, both cryptocurrencies still recorded significant growth compared to the previous 24 hours. Specifically, Doge increased by 6%, SHIB increased by 1%.
Additionally, FLOKI (FLOKI) also had short-term price increases following the Kabosu news.
This fluctuation once again confirms Elon Musk's strong influence on the memecoin market. Accordingly, Elon Musk, the richest person in the world, is known to be a passionate fan of Dogecoin. Thanks to his tweets and support, Dogecoin reached a historic peak in the summer of 2021.
Many crypto investors believe that he could be one of the largest holders of Doge and could even integrate the cryptocurrency into X's payment system.
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