Dogecoin drops as DOGE community bids ‘Kabosu’ farewell

  • Dogecoin’s price fell following the news of Kabosu’s passing, reflecting the sentimental impact.
  • A memorial for Kabosu is planned, highlighting her significant influence in the cryptocurrency sector.

Kabosu, the Shiba Inu dog whose curious expression sparked the meme that gave rise to Dogecoin [DOGE], has passed away.

The iconic image that launched a thousand memes was first shared by Kabosu’s owner, Atsuko Sato, in 2010 on her personal blog. The photograph, which captured Kabosu’s peculiar, skeptical look, quickly resonated with internet users worldwide. 

Accompanied by humorous, misspelled captions in Comic Sans, the image of Kabosu evolved into the “Doge” meme, embedding itself deeply into internet culture.

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 substantial 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.

How is Dogecoin handling the loss?

Following the announcement of Kabosu’s passing on 24th May, Dogecoin experienced a notable downturn in its market price, with a 6.2% decrease over the last 24 hours, positioning the price at $0.1568. 

This recent fluctuation occurred amidst broader discussions within the community about the memecoin’s future and its role in the crypto ecosystem.

Kabosu’s death marks not just the end of an era for the Dogecoin community but also casts reflections on the volatility and sentimental value driving the memecoin sector.

Source: Santiment

Meanwhile, looking into Dogecoin’s notable metrics, market data from Santiment revealed a significant drop price volatility from its peak in March, indicating a stabilization in its trading patterns.

See also  Analyst Michaël van de Poppe Says One Solana Rival’s Upward Momentum ‘Inevitable,’ Updates Outlook on Bitcoin

While decreased volatility might suggest a maturing market, it also diverges from the traditionally erratic price movements expected of a memecoin. 

Source: IntoTheBlock

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. 

This financial landscape emerges amid a notable lack of volatility in Dogecoin’s large transaction (whale) activity, highlighting a period of consolidation within this metric.

Specifically, IntoTheBlock data reveals no significant spikes in whale transactions, indicating a relatively stable trading environment for DOGE.

Source: IntoTheBlock

Dogecoin’s technical projections

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. 

Source: TradingView

This analysis aligns with a recent report from AMBCrypto, which posits that a break past the resistance levels at $0.1698 and $0.1844 would confirm a bullish movement for Dogecoin.

Is your portfolio green? Check the Dogecoin Profit Calculator

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.


Next: Solana mulls 50% priority fee burn cut: Here’s what it means

Source link

See also  Ethereum: All factors that will dictate when ETH crosses $4K again