Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind
- The original Shiba Inu dog Kabosu, who inspired Dogecoin, died peacefully in her sleep on May 24.
- The Dogecoin inspiration leaves behind a legacy of $22.86 billion market capitalisation of DOGE.
- DOGE price increased 6% this week, but declined nearly 1.5% on Friday.
Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin (DOGE), died early on Friday after losing her fight to leukemia and liver disease. Kabosu had gained popularity as the dog behind the viral “doge” meme.
DOGE sustained its 6% gains from this week and dipped 1.2% on Friday following the news.
Dogecoin holders mourn death of original Doge meme dog Kabosu
Kabosu, the Shiba Inu dog popular as the logo of Dogecoin – the largest meme coin by market capitalization – peacefully passed away in the early hours of Friday, according to a blog post written by her owner.
DOGE holders mourn the loss of the iconic dog that fought leukemia and liver disease for nearly two years prior to her passing.
Kabosu-inspired DOGE’s market capitalization is at around $22.86 billion on Friday.
DOGE price retraces on Friday
DOGE price declined from $0.16165, the 61.8% Fibonacci retracement level of the decline from March 28 peak of $0.2288 to the May 1 low of $0.12010. In case of further falls, DOGE is likely to sweep support first at the May 20 low of $0.14740 and then the May 1 low of $0.12010.
If DOGE closes above $0.16165, it could climb towards $0.17449, the 50% Fibonacci retracement of the March 28 to the May 1 decline.
The green histogram bars on the Moving Average Convergence Divergence indicator signal the underlying positive momentum in DOGE. Meanwhile, the Relative Strength Index (RSI) reads 51.97, close to neutral at 50.
DOGE/USDT 1-day chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
