Dogecoin Sees $2.4M In Liquidations Amid Rumor Of Mascot's Death

The Dogecoin DOGE/USD market was thrown into a frenzy by a rumor regarding the death of its mascot, causing a significant price fluctuation.

What Happened: As reported by CoinDesk on Tuesday, a social media post suggested that Kabuso, the Shiba Inu dog that acts as the token’s mascot, had passed away. This caused a sudden 9% increase in DOGE’s price, reaching $0.83.

Not long after, the author removed the X post and made their account private, stating that the screenshot was actually fake.

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It’s worth noting that this quick price change led to the liquidation of over $2.34 million worth of leveraged derivatives trades, according to data from CoinGlass.

Although Dogecoin was initially launched as a joke in 2013, it now boasts a market capitalization of over $11 billion.

Why It Matters: Last year, Kabosu, the Shiba Inu known as the face of the iconic Doge meme and inspiration for the meme-based cryptocurrency, Dogecoin, reached the age of 18.

In recognition of this milestone, fans of the Doge meme across the globe came together to commission a tangible tribute to Kabosu. This commemorative statue was revealed on a Thursday at Furusato Square in Sakura City, a locale often visited by Kabosu and her human companion.

Atsuko Sato made the acquaintance of Kabosu, her now-famous Shiba Inu, at a rescue shelter in November 2008. Sato shared that the dog’s origins traced back to a commercial breeding operation and that Kabosu was one of 20 Shiba dogs left behind when the facility shut down.

As of today, Kabosu enjoys celebrity status on Instagram, having garnered a fanbase of more than 486,000 followers, making her one of the world’s most well-known canines.

Photo by Dennis Diatel on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.