Dogecoin’s Famed Mascot Kabosu Dies at 18

Kabosu, the Japanese Shiba Inu who became the face of
the popular cryptocurrency Dogecoin, passed away at the age of 18 years. Her owner, Atsuko Sato, announced the news in a
heartfelt blog post last Friday.

Kabosu became an internet icon as the face of
Dogecoin, a cryptocurrency that started as a joke but grew into a major player
in the digital currency world. Launched in 2013, Dogecoin was a satirical take
on the burgeoning crypto market, but it gained real traction and value when
Tesla CEO Elon Musk began tweeting about it in 2020.

Musk’s tweets brought significant attention and
investment to the coin, propelling it into the mainstream. Dogecoin’s journey
from a joke to a significant cryptocurrency was heavily influenced by Kabosu’s
image. Her face, captured in a photo by her owner, became a meme that
symbolized the light-hearted and accessible nature of Dogecoin, Reuters
reported.

Musk, known for his interest in cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
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played an important role in the rise of Dogecoin. His tweets in 2020 and beyond
frequently mentioned Dogecoin, causing its value to skyrocket. This endorsement
brought in a wave of new investors and boosted the price of Dogecoin.

Role in the Rise of Dogecoin

Kabosu’s impact went beyond memes and cryptocurrencies. She became a symbol of the internet’s ability to transform ordinary moments into global movements. According to BBC, Kabosu was
suffering from leukemia and liver disease.

Last year, a group of investors accused Musk of
manipulating the price of Dogecoin for his own profit, alleging that the
billionaire’s actions caused them substantial financial losses. The lawsuit
claimed Musk engaged in a series of tactics to inflate and subsequently crash
the price of the meme coin.

According to court documents filed in Manhattan, the Dogecoin investors alleged that Musk employed several
manipulative techniques, including leveraging his significant social media
following to influence the meme coin’s market value.

Dogecoin, created in 2013 by software engineers
Jackson Palmer and Billy Markus, uses proof-of-work technology similar to Bitcoin. Despite its origin,
Dogecoin gained significant attention and support from Musk, who has frequently
tweeted about it. In 2021, he even hinted in the past that Tesla might accept Dogecoin for payments on a trial basis.