Popular dog-themed meme coins dogecoin {{DOGE}} and shiba inu {{SHIB}} rose on Friday after Elon Musk tweeted about the death of the dog named Kabosu that inspired the tokens.

Elon Musk (@elonmusk) May 24, 2024

DOGE rose as much as 5% immediately after the post, while SHIB rose nearly 3% during the same period. However, both cryptocurrencies pared their gains. Still, DOGE is up 6% and SHIB is up 1% in the past 24 hours, outpacing the broad CoinDesk 20 Index, which is generally flat.

Musk's market-moving influence on memecoins is highlighted by many cryptocurrency enthusiasts speculating on the possibility that one of the largest dogecoin holders is behind it and integrating the token into an X payment system.

Kabosu, the face of Dogecoin and several other meme tokens, died early Friday, his owner wrote in a blog post. He was over 17 years old.

However, this has nothing to do with DeFi and Web 3. Therefore, we can say, "This article is irrelevant." However, you can share what you think about the impact of this situation on cryptocurrencies in the comments section. 😂🚀🐶💸🌈