Dogecoin Soars 9% Amid Rumors of Coin's Mascot Kabuso's Death

In a surprising turn of events, Dogecoin (DOGE) witnessed a substantial 9% spike in its value, reaching $0.08, all due to rumors circulating on social media platforms about the supposed demise of Kabuso, the mascot of this beloved meme coin. The catalyst for this price surge was a Telegram conversation screenshot posted by a user named X TraderAguila, which claimed that Kabuso, the crypto coin's mascot, had passed away.

However, the excitement was short-lived as the same user swiftly deleted the post and admitted that the screenshot was indeed fake. Subsequently, the user decided to deactivate their account altogether.

Following the debunking of the fake news, DOGE experienced a significant price retracement, dropping to the $0.07 range where it had been trading prior to the emergence of these false reports.

The bizarre phenomenon of individuals speculating on the impact of an animal's death on cryptocurrency prices has raised eyebrows within the crypto community. Tree of Alpha, a renowned crypto market observer, expressed dismay at the situation, stating, "The graphics people create while pondering the influence of an animal's demise on prices make me think we're either all heading to hell or are already there."

The heightened volatility surrounding DOGE adversely affected some traders who had leveraged their positions using borrowed funds. CoinGlass data revealed that derivative positions with a leverage exceeding $674,000 were liquidated within an hour, surpassing all other crypto asset liquidations, including that of Bitcoin.