In the volatile world of cryptocurrency, Dogecoin (DOGE) experienced a significant price fluctuation, with a sharp double-digit increase followed by an immediate reversal. This volatility led to the liquidation of a substantial amount of futures positions. Many wondered what triggered this sudden movement.
The price of DOGE soared to $0.08399 before plummeting to $0.078. This surge coincided with a massive sell-off, turning the market red. A similar rapid decline and rise were observed in Bitcoin (BTC) earlier in the day, attributed to expectations of high volatility due to an ETF decision, hinting at speculative activities in the market.
The price swing was reportedly caused by a user, TraderAguila, claiming that Kabosu, the dog mascot associated with DOGE, had died. Although similar rumors had previously been debunked by the dog’s owner, this time the situation seemed different.
Another user stated they had messaged Kabosu’s owner, who supposedly confirmed the dog’s death. However, this claim could not be immediately verified. The rumor led to a bizarre 10% spike in DOGE’s price, highlighting the speculative nature of the market.
The account that spread the rumor about Kabosu’s death disappeared shortly after the incident, leaving the community to deal with the aftermath of the speculative post and its impact on the market.