Trader 'Betting On The Death' Of Dogecoin Meme Dog Kabosu Nets $230,000 Profit

Following the death of Kabosu, the dog behind the Dogecoin DOGE/USD meme, a Kabosu-themed token has netted a prescient trader of $200,000.

What Happened: A trader’s tweet highlighted a wallet that had been accumulating billions in KABOSU throughout the year, "betting on the dog’s death." Upon the dog’s death, the price of the meme coin price spiked, prompting the trader to dump his entire holdings for a profit of $230,000.

In January 2023, Dogecoin co-founder Billy Markus shared a health update, writing “Kabosu is doing better and going on walks and eating again." It was disclosed that the Shiba Inu dog was afflicted by chronic lymphoma leukemia (cancer) and acute cholangiohepatitis (an inflammation that hits the liver and biliary tracts).

One meme coin trader paid his respects to Kabosu, stating that without that dog there would be no Dogecoin, Shiba Inu SHIB/USD, or any meme coins. The trader also mused which Kabosu-related token would perform the best, as several versions on different blockchains have sprung up.

Also Read: Elon Musk Mourns Death Of Iconic Shiba Inu That Inspired His Favorite Crypto Dogecoin: Here’s How Crypto Community Is Reacting To Kabosu’s Demise

Why It Matters: The Kabosu story mirrors that of a Winnie Pooh-related meme coin that quickly soared, albeit for no evident reason. The demise of Kabosu had briefly dragged down dog-related meme coins. DOGE has recovered to trade at a daily gain of 2.6%, while SHIB is down 0.9% on the day.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Kabosu, Famous Shiba Inu Who Inspired Dogecoin, Floki And Other Dog Cryptos, Dies At 18

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