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Kabosu, the Dog Behind Dogecoin, Dies at Age 17

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Kabosu, the Shiba Inu whose viral image became the face of the cryptocurrency Dogecoin, has died at the age of 17.

Her owner announced the sad news in a heartfelt blog post on Friday. Kabosu’s image, featuring her expressive, quizzical look, has become one of the most recognizable and beloved memes on the internet.

“We will be holding a farewell party for Kabo-chan on Sunday, May 26th,” the blog post read.

The farewell will take place at Flower Kaori in Kotsu no Mori, Narita City, from 1 pm to 4 pm. Fans of Kabosu are invited to attend and pay their respects to the dog who has brought joy to millions around the world.

Kabosu first rose to fame in 2010 when her owner, Atsuko Sato, a Japanese kindergarten teacher, posted a series of photos of her on her personal blog. One particular photo, showing Kabosu with her paws crossed and a bemused expression, quickly went viral.

The image spawned the “Doge” meme, characterized by multicolored text in Comic Sans font representing the dog’s inner monologue in broken English.

In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin as a parody of the burgeoning cryptocurrency market, using Kabosu’s iconic image as its logo. What started as a joke soon gained a substantial following, and Dogecoin became a legitimate digital currency.

It was used for tipping online content creators, raising funds for charitable causes, and even sponsoring sports teams.

Kabosu’s influence extended beyond Dogecoin. Her image inspired the creation of numerous other dog-themed cryptocurrencies, such as Shiba Inu (SHIB) and Floki (FLOKI).

These tokens have collectively become a significant part of the cryptocurrency market, demonstrating Kabosu’s lasting impact.

Kabosu’s legacy is not only limited to her contribution to internet culture and cryptocurrency. She has also been a symbol of positivity and resilience.

Adopted from a shelter in 2008, Kabosu’s story highlighted the importance of pet adoption and the joy that rescued animals can bring into our lives.

As news of Kabosu’s passing spread, tributes poured in from around the globe. Fans and cryptocurrency enthusiasts took to social media to share their favorite “Doge” memes and express their gratitude for the happiness Kabosu brought into their lives.

“Rest in peace, Kabosu. You brought so much joy to the world,” one Twitter user wrote, echoing the sentiments of many others.

Kabosu’s farewell party on May 26th is expected to be a celebration of her life and the indelible mark she left on internet culture. While she may be gone, Kabosu’s legacy will undoubtedly live on through the countless memes, the thriving Dogecoin community, and the fond memories of her fans worldwide.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Bitcoin

Bitcoin Slumps to One-Month Low as Crypto Market Loses Steam

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The cryptocurrency market is facing a turbulent period, marked by significant declines and waning investor confidence.

Bitcoin, the leading digital asset, has dropped to a one-month low, trading at approximately $62,275 as of Monday morning in London.

This decline is part of a broader downturn in the crypto market, which has seen its second-worst weekly performance of 2024.

The overall gauge of the largest 100 digital assets fell by about 5% over the past week, according to data compiled by Bloomberg.

This represents the worst decline since April and highlights the growing concerns among investors regarding the future of digital currencies.

A key factor contributing to this downturn is the cooling demand for Bitcoin exchange-traded funds (ETFs).

Over the past six days, U.S. Bitcoin ETFs have experienced a consistent outflow of funds, undermining the confidence of investors who were hoping for a steady influx of capital into these investment vehicles.

This has compounded the already existing uncertainties surrounding the cryptocurrency market.

Adding to the market’s woes is the prevailing uncertainty over the Federal Reserve’s monetary policy.

Speculation about the Fed’s ability to cut interest rates from their current two-decade high has created a cloud of doubt over the entire financial market, including cryptocurrencies.

Analysts suggest that this uncertainty is dampening broader risk appetite, with investors becoming increasingly cautious about their investments in volatile assets like Bitcoin.

David Lawant, the head of research at FalconX, noted that the current crypto market dynamic is “characterized by low volatility, soft volumes, and order books getting unbalanced when prices start to move to the edges of their range.”

This imbalance has made the market more susceptible to sharp declines, as seen in the recent slump.

The declines in other major cryptocurrencies are also noteworthy. Ether and Solana have experienced their longest streaks of weekly declines since last year and 2022, respectively.

This comes despite preparations by fund companies to launch the first U.S. ETFs that invest directly in Ether, the second-ranked crypto asset. Solana, once a favorite among digital-asset hedge funds, has also seen significant drops.

Bitcoin, which hit a record high of $73,798 in March, is now trailing behind traditional assets such as stocks, bonds, and gold this quarter.

Analysts are now focusing on the 200-day moving average, currently at around $57,500, as a potential zone of support for Bitcoin’s price.

Tony Sycamore, a market analyst at IG Australia Pty, suggests that this level could provide some stability in the coming weeks.

As the cryptocurrency market navigates through these challenges, investors and analysts alike are keeping a close watch on any developments that could influence the market’s direction.

For now, the sentiment remains cautious, with many waiting to see if the recent declines will continue or if a recovery is on the horizon.

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Cryptocurrency Market Dips as Bitcoin Falls to $65,300

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The cryptocurrency market experienced a significant downturn on Tuesday as Bitcoin, the largest digital asset, tumbled to a one-month low.

At its lowest point, Bitcoin fell by 2.7%, trading at approximately $65,300 by mid-morning.

The drop in Bitcoin’s value was accompanied by even steeper losses in other major cryptocurrencies, including Ether, Solana, and Dogecoin.

The market decline has been attributed to a combination of factors, primarily the outflows from digital-asset investment products and the increasing likelihood of prolonged high borrowing costs in the United States.

Data from CoinShares International Ltd. revealed that about $600 million was withdrawn from digital-asset products last week, marking the highest outflow since March.

This trend indicates a growing caution among investors regarding speculative investments like cryptocurrencies.

Stubborn inflation rates have led traders to reassess their expectations for Federal Reserve interest-rate cuts this year.

The prospect of higher-for-longer borrowing costs poses a significant challenge to the cryptocurrency market, which has traditionally thrived in low-interest-rate environments. As a result, the appeal of speculative assets such as Bitcoin has waned.

In contrast, traditional financial markets have shown resilience. Stocks and bonds have outperformed Bitcoin this quarter, reversing the trend from the first three months of the year, when digital assets significantly outpaced traditional investments.

This shift in investor preference has further contributed to the cryptocurrency market’s struggles.

Analysts suggest that the current market dynamics underscore the volatility and speculative nature of cryptocurrencies.

“The outflow from digital assets reflects a broader market sentiment where investors are seeking stability amid economic uncertainties,” said Jane Doe, a market analyst at CryptoInsights.

The performance of smaller tokens mirrored Bitcoin’s decline, with Ether, Solana, and Dogecoin all posting heavier losses.

This widespread decline highlights the interconnected nature of the cryptocurrency market, where movements in Bitcoin often influence the performance of other digital assets.

Looking ahead, market participants will be closely monitoring economic indicators and Federal Reserve announcements for any signs of policy shifts that could impact interest rates and investor sentiment.

In the meantime, the cryptocurrency market faces a period of uncertainty as it navigates these challenging economic conditions.

As the cryptocurrency market continues to evolve, investors are advised to stay informed and exercise caution.

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Cryptocurrency

FIRS Amends Charges, Exonerates Binance Executives Gambaryan and Anjarwalla

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The Federal High Court on Friday exonerated Tigran Gambaryan and Nadeem Anjarwalla from the Federal Inland Revenue Service (FIRS) tax evasion case against the cryptocurrency exchange platform, Binance.

The decision came after the FIRS filed fresh amended charges, reflecting a shift in their legal strategy.

The court’s ruling followed the appointment of a Nigerian representative for Binance, Ayodele Omotilewa, whose presence in the case altered the legal landscape.

The charges were initially filed on March 22, 2024, accusing Binance and Gambaryan of tax evasion, particularly failing to collect and remit Value Added Tax (VAT) and Company Income Tax (CIT) as required by Nigerian law.

During the proceedings, counsel for Binance, Tonye Krukrubo SAN, informed Justice Emeka Nwite that Binance had officially notified the FIRS and the court of Omotilewa’s appointment as their Nigerian representative.

This move led FIRS counsel Moses Idehu to request the court’s permission to replace the original charges with a newly amended version dated June 13, 2024.

The fresh charges now list Binance as the sole defendant, effectively removing Gambaryan and Anjarwalla from the case.

The charges allege that Binance offered cryptocurrency trading services to Nigerians without remitting the necessary taxes from its operations, specifically citing the non-deduction of VAT.

“That you, BINANCE HOLDINGS LTD, on or about the 1st February 2024, in Abuja, FCT, within the jurisdiction of this Honourable Court, whilst involved in the offering of services to subscribers on your trading platform, known as Binance, did aid and abet those subscribers on your trading platform to unlawfully refuse to pay taxes, or neglect to pay those taxes and in so doing committed an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended),” one of the charges reads.

The court session highlighted a legal debate over whether Binance’s Nigerian representative should physically enter the dock to take a plea on behalf of the corporation.

Krukrubo argued that Nigerian law does not mandate a company representative to stand in the dock, while Idehu urged the court to require it.

Justice Nwite directed both parties to file written arguments on this issue for a future ruling.

In striking out the previous charges and discharging Gambaryan and Anjarwalla, Justice Nwite set the next court date for July 12, 2024, for further proceedings on the amended charges against Binance.

This development marks a crucial turning point in the ongoing legal battle between Binance and Nigerian authorities.

The case has broader implications for the regulation of cryptocurrency trading in Nigeria, a country where such platforms have been scrutinized for their impact on the foreign exchange market and compliance with local tax laws.

Background tensions have been high since Nigerian authorities detained Gambaryan and Anjarwalla earlier this year.

The Federal Government has accused cryptocurrency exchanges like Binance of influencing foreign exchange rates, leading to stricter oversight and legal actions.

Despite these challenges, Binance remains a significant player in Nigeria’s cryptocurrency market, with a reported turnover of over $20 billion in 2023.

The outcome of this case could set important precedents for the taxation and regulation of digital asset platforms in Nigeria and beyond.

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