Dogecoin Price Surges 15% after Meme Dog ‘Kabosu’s Death

Dogecoin price surge 15% on May 24 as global meme community was thrown into an following the death of Kabosu, the dog which has graced the memecoin’s iconic logo since 2013. 

Kabosu, the Shiba Inu who became an internet sensation and the face of Dogecoin, has passed away peacefully at the age of 18. Her legacy continues to resonate within the crypto community.

Kabosu’s owner, Atsuko Sato, shared the sad news on her official blog, expressing heartfelt gratitude for the love and support Kabosu received over the years. A farewell party for “Kabo-chan” is planned at Flower Kaori in Kotsu no Mori, Narita City, on May 26.

Crypto Community Reacts to Kabosu’s Death

The crypto community and fans worldwide have been sharing tributes and favorite memories of the dog that became an internet legend. Kabosu’s influence as the face of Dogecoin (DOGE) will remain a symbol of community spirit and meme culture for future generations.

Kabosu first gained attention in 2010 when Sato posted photos of her adopted dog on her blog. One particular image of Kabosu, showing a skeptical and curious expression, quickly went viral, giving rise to the “Doge” meme. This image, paired with phrases in broken English and Comic Sans font, became a cornerstone of internet culture.

By 2013, the meme’s popularity surged when Dogecoin was created, using Kabosu’s image as its logo. Initially intended as a joke, Dogecoin grew into a popular cryptocurrency, known for supporting various charitable initiatives, including clean water projects and funding for the Jamaican bobsled team.

In December 2022, Sato revealed that Kabosu was in a “dangerous position” health-wise, prompting an outpouring of support from the crypto community. Dogecoin co-creator Billy Markus, also known as Shibetoshi Nakamoto, urged his followers to send their support, leading one user on X to offer financial assistance to ensure Kabosu received the best treatment.

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Kabosu’s impact extends beyond internet culture, even influencing political campaigns. For instance, U.S. President Joe Biden’s reelection campaign announced the hiring of a “master of memes,” with the primary role of managing relationships with digital media companies, podcasts, and meme pages on social media.

Kabosu’s legacy will continue to inspire and remind us of the power of memes in connecting communities and spreading joy. Rest in peace, Kabosu, the internet’s beloved Shiba Inu.

DOGE price forecast: $0.20 Rebound in Motion

Since news of Kabosu’s death broke on May 24, the outpouring of eulogy for the iconic dog has resulted in a demand surge for DOGE. Consequently, Dogecoin price has surged 14% since the news broke, reaching a daily timeframe peak of $0.173 on May 25.

However, the Parabolic SAR technical indicator suggests that DOGE price could be poised to make another leg-up towards $0.20 in the days ahead.

As seen about the parabolic SAR dots currently point to $0.142, far below the current price. This alignment often occurs when there’s a strong bullish momentum in the market.

However, DOGE price must close above the weekly timeframe peak of $0.18 for bulls to be confident of a $0.20 retest in the near term.

On the downside, Dogecoin price will likely enter bearish territories, if it fall rapidly below the key support level of $0.14 as highlighted by the parabolic SAR dots.