The image of the Shiba Inu dog led to an iconic meme and, eventually, the largest memecoin by market capitalization.
The first price spike occurred around 1:40 a.m. ET, when news of the dog that kickstarted a meme had passed away.
The Shiba Inu-based meme went viral in the early 2010s, which led to the creation of dogecoin in December 2013. DOGE is now the largest memecoin by market capitalization and inspired several other major dog-themed memecoins. Elon Musk, the CEO of Tesla, X and SpaceX, tweeted an image of the Shiba meme joined by a gorilla. “OG Doge has ascended to heaven to be with his friend Harambe,” Musk wrote on X. The inclusion of the gorilla points to yet another piece of internet history.
Musk is the world’s richest person and helped dogecoin surge to all-time highs in the summer of 2021 with his frequent tweets and endorsements of the memecoin. In December 2023, Musk said he spends “hardly” any time thinking about cryptocurrency.
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