Dogecoin soars to new heights: The incredible story of Kabosu, the Shiba Inu behind the hype

Dogecoin soars to new heights: The incredible story of Kabosu, the Shiba Inu behind the hype

The value of niche cryptocurrency Dogecoin surged over 30 percent on April 3 after Twitter CEO Elon Musk replaced the logo of the social media platform on the website’s home page with an image of Shiba Inu, the mascot of Dogecoin.

The sudden change caused a buzz on social media, with Musk sharing a meme about the alteration to his 133.5 million Twitter followers.

Dogecoin, which was created as a joke in 2013, has since become one of the most valuable cryptocurrencies in the world. Despite its humble beginnings, Dogecoin managed to capture the hearts and attention of investors and traders, making it one of the most talked-about cryptocurrencies in recent times.

According to CoinMarketCap.com, Dogecoin is currently ranked as the eighth-most valuable cryptocurrency, with a market cap of over $13 billion.

However, the recent success of Dogecoin has not come without challenges. Musk and Twitter face a $258 billion lawsuit that accuses the billionaire of manipulating the price of Dogecoin and driving it up by 36,000 percent.

In response, Musk's lawyers described his tweets about the coin as "innocuous and often silly" in a court filing. Musk remains a strong supporter of Dogecoin, stating in a tweet, "Just kidding, who needs a safe word anyway ;)".

Regardless of the lawsuit, the popularity of Dogecoin grows.

In December 2021, Tesla, one of Musk’s companies, said it would accept Dogecoin as a form of payment for certain merchandise, leading to a 20 percent increase in the value of the cryptocurrency. When Musk announced in January 2022 that Dogecoin payments were live, the value of the coin jumped by as much as 15 percent.

Behind the Dogecoin logo is a lovable Shiba Inu named Kabosu. Shiba Inu is an ancient and popular Japanese dog breed that looks like a fox, with pointed ears, curly tail, and thick fur.

Kabosu was rescued from an animal shelter and was close to being put down. However, thanks to a Japanese kindergarten teacher, Atsuko Sato, Kabosu was given a second chance at life.

Sato adopted Kabosu in November 2008, and since then, Kabosu has become one of the world's most famous dogs, with over 445,000 Instagram followers.

A meme featuring Kabosu went viral and has since become one of the most recognisable memes on the internet.

Kabosu, who recently celebrated her 17th birthday, has been named the fake CEO of Dogecoin by the coin's creator, Billy Markus.

"The new fake CEO of Dogecoin is... the most qualified for the position. It is unquestionable. The goodest doge of all, the face of the coin, who has inspired millions to Do Only Good Everyday. Kabosu," Markus said.

As Sato reflects on her beloved pet’s journey, she says, "Never in a million years would I have imagined the impact that my photoshoot of Kabosu would have on the internet."

The rise of Dogecoin and Kabosu has also shed light on the booming trend of non-fungible tokens (NFTs). The sale of the Doge meme as an NFT for $4 million opened up a new world of possibilities for collectors and investors.

As Don Caldwell, the editor-in-chief of Know Your Meme, stated, "We're so happy to be part of this milestone in internet history. If any meme deserved to be the new meme NFT record holder, it's Doge."