Dogecoin community reacts to Kabosu's passing
Kabosu, the beloved Shiba Inu famed for the role in sparking the Dogecoin [DOGE] meme, has sadly gone.
Its viral picture was originally posted by Kabosu’s caretaker, Atsuko Sato, on her blog in 2010. The image, featuring Kabosu’s distinctive, quizzical expression, caught the hearts of netizens across the globe.
Adorned with whimsical, incorrectly spelled phrases in Comic Sans font, Kabosu’s photo morphed into the “Doge” meme, becoming a cornerstone of web lore.
This very meme laid the groundwork for Dogecoin in 2013. Born out of humor, the digital currency embraced Kabosu’s image as its emblem, encapsulating the project's playful essence.
Contrary to its jestful roots, Dogecoin soared in popularity and practicality, backing a myriad of philanthropic projects and sports events. It paved the way for a novel genre of digital currencies known as memecoins, setting the stage for other significant tokens like Shiba Inu and Floki.
What is Dogecoin reaction?
The news of Kabosu’s departure on 24th May led to a sharp drop in Dogecoin’s market value, recording a 6.2% fall over 24 hours, with its price at $0.1568.
This downturn unfolds amidst extensive dialogue in the community regarding the memecoin's prospective path and its standing in the digital currency ecosystem.
The farewell to Kabosu signifies more than just the close of a chapter for the Dogecoin fraternity; it also reflects on the affective drivers and the unpredictable nature of the memecoin market.
Delving into Dogecoin’s analytical data, insights from Santiment noted a marked decrease in price volatility since its March peak, hinting at a more stable trading trend.
While this reduction in volatility could be interpreted as a sign of market maturation, it departs from the typically volatile trading patterns expected in a memecoin market.
As per IntoTheBlock’s findings, a considerable segment of Dogecoin investors are currently in profit, with 83% seeing favorable returns. On the flip side, 13% are incurring losses, and a small fraction, 4%, are at a breakeven point based on current market rates.
This investment scenario unfolds against a backdrop of steadiness in Dogecoin’s large-scale transaction activities, marking a period of accumulation within this parameter.
Interestingly, IntoTheBlock’s data does not show any major fluctuations in whale transactions, painting a picture of a relatively calm trading atmosphere for DOGE.
Dogecoin’s Price Prediction
Technical evaluations of Dogecoin’s trajectory suggest a possible downturn, as the cryptocurrency has recently crept above its preceding lower high.
The 4-hour trading chart indicates that DOGE might dip to the $0.13 level, testing a critical support zone, before it might bounce back and continue its upward journey.
In the wake of these market analyses, the Dogecoin cohort along with Kabosu’s admirers are gearing up to pay homage to her legacy. A tribute event for Kabosu is set to occur at Flower Kaori in Kotsu no Mori, Narita City.
This gathering will offer a moment for all who were moved by Kabosu’s tale to commemorate her life and legacy, which left an indelible mark on both the cryptocurrency domain and internet folklore.
