Dogecoin Price Pops And Drops Following Elon Musk’s Tribute To Meme Legend Kabosu

The price of Dogecoin (DOGE) spiked today after the meme coin’s most prominent evangelist, Elon Musk, tweeted about the passing of Kabosu — the Shiba Inu pup whose quizzical expression became synonymous with Dogecoin and the wider meme culture.

Elon Musk Mourns Internet Sensation Kabosu

As ZyCrypto reported earlier, Kabosu passed away on May 24 at age 18. Her owner, Atsuko Sato, revealed in a blog post that the internet-famous Shiba Inu dog had “crossed the rainbow bridge” peacefully. The Shiba Inu dog not only served as a mascot for Dogecoin, Shiba Inu, and countless other dog-themed cryptocurrencies but also became a symbol of the fun and cheerful spirit of the cryptoverse.

Tesla/SpaceX CEO Elon Musk paid tribute to Kabosu in a post on his X social media platform. The eccentric technopreneur shared a picture showing the Harambe gorilla with angel wings hugging the beloved dog among clouds that radiate an ethereal radiance, as can be seen here.

pic.twitter.com/HAhqxoTcvi

— Elon Musk (@elonmusk) May 24, 2024

Harambe, the lowland gorilla, was killed in 2016 at the Cincinnati Zoo after he grabbed and dragged a little boy who climbed into his enclosure. Harambe also quickly inspired memes and an online movement after his death.

Bullish DOGE Reaction

DOGE rocketed as much as 7.7% to an intraday high of $0.17 in the span of minutes after Musk’s tribute post. The OG meme coin had pared some of its gains at press time, to change hands at $0.1649.

The rollercoaster price action spotlights the market-moving power Musk has over DOGE. In March, for instance, the DOGE price surged after the self-proclaimed Dogefather suggested that Tesla would, in the future, allow customers to purchase its electric vehicles with the leading meme coin. DOGE fans have also speculated on the possibility of Musk incorporating the token into an X payment system following his positive comments on various occasions.

Launched in December 2013 as a mere joke, Dogecoin remains the oldest and largest meme coin, with a market capitalization of $24.2 billion. But despite the latest price gains, Dogecoin remains down 77.5% from its historic peak of $0.73 set in May 2021.