Dogecoin drops as DOGE community bids ‘Kabosu’ farewell

Dogecoin's Market Response to Kabosu's Passing

Following the news of Kabosu's passing, Dogecoin's price experienced a decline, reflecting the sentimental impact of her loss. A memorial for Kabosu is planned, highlighting her significant influence within the cryptocurrency sector.

Kabosu: The Inspiration Behind Dogecoin

Kabosu, the Shiba Inu whose curious expression inspired the "Doge" meme, has passed away. The iconic image, first shared in 2010, resonated with internet users worldwide. Accompanied by humorous, misspelled captions, the image evolved into the "Doge" meme, deeply embedding itself in internet culture.

Dogecoin's Legacy and Utility

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 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.

Dogecoin's Market Performance

Following the announcement of Kabosu's passing on May 24th, Dogecoin experienced a notable downturn in its market price, with a 6.2% decrease over the last 24 hours. This fluctuation occurred amidst broader discussions within the community about the memecoin's future and its role in the crypto ecosystem.

Market Metrics and Technical Analysis

Data from Santiment reveals a significant drop in Dogecoin's 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.

Despite these market dynamics, data from IntoTheBlock shows that the majority of Dogecoin holders are currently seeing profits, with 83% in the green. Conversely, 13% are experiencing losses, while a mere 4% are breaking even at current market prices.

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.

Community Tribute to Kabosu

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.