Dogecoin and Shiba Inu Spike After Elon Musk Tweets About Passing of Kabosu, Dog That Inspired the Tokens

Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a surge in value after Elon Musk tweeted about the passing of Kabosu, the dog who inspired the tokens. DOGE rose by 5% to a high of 17.3 cents, while SHIB increased by almost 3%. However, both cryptocurrencies quickly lost their gains. DOGE and SHIB have both outperformed the CoinDesk 20 Index over the past 24 hours, highlighting Musk's influence on meme coins. Kabosu, the face of dogecoin and other meme tokens, passed away at the age of 17.