• Dogecoin’s price jumped by 9% after a social media rumor was later re-repeated about the death the token’s symbol.
  • Crypto market analysts were irritated by the volatile episode as they watched liquidations soar on fake news.

DOGE Price Index and Live Chart – CoinDesk”>(DOGE) swung wildly on Tuesday as a social media rumor about the death of the popular meme coin’s mascot turned out to be fake, riling up crypto observers.

The DOGE price jumped up to 9%, or 8.3 cents, after TraderAguila, a pseudonymous X user (formerly Twitter), posted a screenshot from a Telegram discussion in Japanese, which claimed that Kabuso had died.

The author then deleted the X-post and made it private, claiming that the screenshot was fake. They deleted the entire account later.

Author (X) deleted the original post that caused DOGE to spike in price

DOGE lost most of its gains, and has retraced back to about 8 cents. However, this is still higher than 7.7 cents that DOGE changed hands prior to the fake news.

The incident riled crypto observers, as it added fuel the bad reputation of asset classes due to alleged market manipulation.

Tree of Alpha , a crypto market watcher who is widely followed, said: “The charts that people paint while speculating on the death of a pet make me believe we’re all either going to hell or already there.”

was also irritated by the volatile period as it wiped out their leveraged trading positions. CoinGlass data indicates that leveraged derivatives worth over $674,000 were liquidated in an hour. This was more than any other crypto assets, including bitcoin.

Dogecoin liquidations in an hour (CoinGlass) Dogecoin Liquidations in an Hour (CoinGlass).

Dogecoin began as a joke cryptocurrency back in 2013, but has since gained a global following including Elon Musk and now boasts a market cap of over $11 billion.

The events occurred at a moment when the crypto-market is receiving a lot of attention. It is waiting for regulatory approval to launch a highly-anticipated spot bitcoin exchange-traded funds (ETFs) in the U.S. This is a major milestone for the maturation of the industry.

Click here to read the full article on bitcoin ETFs.

BTC Price Index and Live Chart – CoinDesk”>(BTC) price briefly spiked in October, when crypto-focused news outlet CoinTelegraph falsely tweeted that asset manager BlackRock’s application was approved by regulators.

Nick Baker is the editor.