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Dogecoin Mascot Kabosu Cheats Death, Bounces Back; Experts Share Investment Strategies For Meme Coin

Published 30/12/2022, 15:47
© Reuters Dogecoin Mascot Kabosu Cheats Death, Bounces Back; Experts Share Investment Strategies For Meme Coin

Benzinga - Dogecoin (CRYPTO: DOGE) mascot Kabosu, a 17-year-old Shiba Inu, has made a “miraculous” recovery after falling “very dangerously” ill on Christmas Eve.

The Shiba Inu's owner disclosed on Dec. 26 that Kabosu has a medical history including chronic lymphoma leukemia (cancer) and acute cholangiohepatitis, an inflammatory condition affecting the liver and bile ducts.

According to an Instagram post by her owner Atsuko Satō on Friday, Kabosu has fully recovered from her illness and is back to eating chicken tenders and drinking plenty of water.

“She no longer needs diapers as she can go to the bathroom on her own. I’m amazed (at) how quickly she bounced back. I took her for a 5-minute walk to the park today. She looked happy in the sun and fresh air,” the dog’s owner said.

What started as a joke in 2013, when Markus and Jackson Palmer created the first "meme coin" Dogecoin, has now become a beloved cryptocurrency.

Also read: Web3 Messenger BChat Adds Crypto Functionality With Integration Of Beldex Wallet

Ethereum (CRYPTO: ETH) founder Vitalik Buterin visited Kabosu and Satō in their Tokyo apartment in 2018, further affirming Kabosu's place in history.

The value of Doge shot up over 4,000% after Tesla CEO Elon Musk advocated for the cryptocurrency and called it “the people’s crypto.”

Focus On Dogecoin Use Cases

Experts advise investors to avoid buying the meme coin on the basis the dog’s physical condition and rather, focus on the use cases of the cryptocurrency.

“There may be some wild swings in the short term basis of the dog’s physical health but investors must know that the dog won't generate wealth for them. They have to look at a variety of factors before investing in Doge," Raj A Kapoor, founder of the India Blockchain Alliance, told Benzinga.

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"Keep a keen lookout for a change in the use cases for Doge and if there is, there will be long-term wealth creation. Besides on a shorter time frame, check the crypto’s technicals before investing."

Anndy Lian, chief digital advisor of the Mongolian Productivity Organization, says investors should use “logic” and that the dog’s fate is only important to its owner and not the cryptocurrency.

“I think the retail investors must look at this with a logical mind. The dog's fate is important to the owner, the dog could be gone but the legacy will continue with Dogecoin. For long-term crypto gains, you should look into Dogecoin's utility and use cases. Only with adoption, you see a good future,” Lian said.

Next: Wash Trading, A Form Of Market Manipulation, Is High Among Crypto Exchanges: Study

Photo via Shutterstock.

© 2022 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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