Dogecoin (DOGE) Price Down 5% as Community Mourns Death of Kabosu

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As an analyst with extensive experience in the crypto market, I believe that the passing of Kabosu, the iconic face of Dogecoin, has had a significant emotional impact on the community. The outpouring of love and support for the dog and his family is a testament to the strong connection between people and the meme coins they hold dear.

Dogecoin‘s (DOGE) price dipped approximately 5% over the previous 24 hours and was priced around $0.158 during London trading on Friday. The Dogecoin community, comprised of over 7.2 million on-chain holders, has been expressing sadness following the passing of Kabosu, the renowned symbol for dog-themed meme coins. According to a recent blog post by its owner, Kabosu sadly passed away at the age of 18.

The announcement reveals that a goodbye event is scheduled for Kabosu on May 26, which is a Sunday. The venue for this occasion is the Flower Kaori in Kotsu no Mori, located in Narita City. The party will run from 1 PM to 4 PM.

In the last 24 hours, a cryptocurrency token inspired by Kabosu and established on the Binance Smart Chain experienced a surge of over 900%, attracting significant attention. Furthermore, the emergence of new tokens modeled after Kabosu on various other networks underscores his enduring popularity.

“This being, who was blessed with endless joy and boundless love, once lived amongst us. May her memory and her dear family remain in your thoughts. Above all, let her legacy live on by carrying it within you as you write the next chapter of your own story – we are all grateful for the impact she left on ours.”

What Next for Dogecoin Network

I, as an analyst, would put it this way: The Dogecoin network has expanded significantly, becoming a substantial player in the digital asset landscape. This expansion is underpinned by the robust proof-of-work (PoW) consensus mechanism. At present, Dogecoin boasts a market capitalization of approximately $23 billion and an average daily trading volume of around $2.6 billion.

The leading meme coin boasts a hash rate of approximately 1.1 PH/s and a mining difficulty of around 16.65 million. In contrast, Litecoin (LTC), the next significant PoW-secured altcoin, has a total hash rate of roughly 1.16 PH/s and a mining difficulty of around 37.05 million. Consequently, Dogecoin’s network is strengthened by an active mining and investment community due to these specifications.

As a crypto investor, I’ve noticed that Dogecoin has gained significant attention due to its association with tech magnate Elon Musk and his supporters. With the ongoing regulatory discussions in the US, there’s an increasing demand for diversification among crypto investors. Dogecoin stands out as a strong contender in this regard, thanks to its robust presence on various decentralized financial (DeFi) platforms and centralized exchanges. The deep liquidity available on these platforms makes it an attractive option for those looking to invest or trade in the cryptocurrency market.

Price Action

In the last two months, Dogecoin’s price has stayed between approximately 16 cents and fluctuated. The “Meme Lord” or Dogecoin’s price action has been attempting to surpass the bearish trendline in a longer-term chart on a logarithmic scale. Successfully doing so would lead to an upswing, potentially reaching new record highs.

The altcoin market is poised for a significant surge in value as Bitcoin‘s influence begins to weaken, indicating a forthcoming shift in power within the cryptocurrency world over the next few weeks and months.

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2024-05-24 15:25