By
Svetlana Soroka
June 16th, 2024
The Dogecoin community is celebrating the life of Kabosu, the Shiba Inu that brought forth a decade of meme coins on the internet.
Dogecoin (DOGE) price slipped around 5 percent in the past 24 hours to trade at about $0.158 on Friday during the London session. The Dogecoin network, with more than 7.2 million on-chain holders, has been mourning the demise of the iconic face of dog-themed meme coins – Kabosu. According to a blog post by the Kabosu owner, the dog passed away at the age of 18 years.
According to the announcement, a farewell party has been planned for Kabosu on Sunday, May 26, at the Flower Kaori in Kotsu no Mori, Narita City, from 1 pm to 4 pm.
Meanwhile, a meme coin named after Kabosu and built on the BSC network rallied over 900 percent in the past 24 hours. Additionally, new meme coins named after Kabosu have emerged on different chains, thus indicating the popularity of the fallen hero.
“She was a being who knew only happiness and limitless love. Please keep her spirit and her family in your heart, and most importantly carry her with you as your story continues – we are all fortunate for hers to have touched and shaped ours,” part of a note from the Dogecoin network reads.
What Next for Dogecoin Network
The Dogecoin network has grown to a major digital asset secured through the legendary proof-of-work (PoW) consensus mechanism. As of this writing, Dogecoin had a market cap of about $23 billion and an average 24-hour trading volume of about $2.6 billion.
The top meme coin takes pride in a hash rate of around 1.1 PH/s and a mining difficulty of about 16.65 million. In comparison, Litecoin (LTC), the next major PoW-secured altcoin, had a total hash rate of about 1.16 PH/s and a mining difficulty of around 37.05 million. As a result, the Dogecoin network is well bolstered by a vibrant mining and investor community.
As Coinspeaker has pointed out severally, the Dogecoin network is well bolstered by tech billionaire Elon Musk and his family of unicorns. With the ongoing crypto regulatory debate in the United States, Dogecoin is well-positioned to attract more investors seeking to diversify their crypto portfolios. Moreover, Dogecoin has deep liquidity on various decentralized financial (DeFi) platforms and centralized exchanges.
Price Action
Dogecoin price has consolidated and oscillated around 16 cents in the past two months. The meme lord has been retesting the bullish breakout of a macro-falling logarithmic trend, which will ultimately yield a rally toward an all-time high.
Moreover, the altcoin industry is on the cusp of a major bullish uproar as Bitcoin dominance signals an inevitable reversal in the coming weeks and months.