Kabosu, the 17-year-old renowned internet sensation that spawned the “doge” meme and dogecoin, has been diagnosed with leukemia and liver disease.

The pup’s owner, Atsuko Sato, posted an update video on her health to her Instagram, showing shots of Kabosu laying on the floor of their home, eating and drinking while wrapped in blankets and slightly limping as she walks across their living room. Sato ended the video with a shot of her resting with Kabosu and her cat.

In her caption, she wrote, “Kabosu’s disease names are acute cholangiohepatitis and chronic lymphoma leukemia. Right now, the liver level is very bad and jaundice appears.”

She added that there is hope for recovery, saying, “antibiotics will definitely improve [her health]” and that Kabosu “has an appetite” again and “can also drink water.”

In a post the day before, Sato noted that she was taking Kabosu to the hospital for a check up because she had stopped drinking and eating on Christmas Eve.

“To all of you who are worried, Thank you very much,” she said.

Thousands of comments flooded the post wishing the Shiba Inu well. One commenter said, “I wish the family strength and a pain free process for Kabosu. We love you Doge. You defined an entire era and generation on the internet. Good luck!” Another said: “Kabosu the world is rooting for you.”

In 2010, Sato posted an image of Kabosu laying on her stomach with her paws crossed while seemingly shooting the camera a knowing look. The image spread like wildfire on several internet websites like Reddit and Tumblr, along with text of what they imagined the dog’s inner monologue would be.

A few years later in 2013, the meme inspired the creation of the cryptocurrency called Dogecoin. Kabosu’s viral image became the cryptocurrency’s representative image, and it is considered the first “meme coin” of cryptocurrency, per CNN.

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Sato said she is still stunned by the far-reaching impact of Kabosu’s picture, writing on Instagram last year: “Never in a million years would I have imagined the impact that my photoshoot of Kabosu would have on the internet.”

“It’s a moment that’s evolved and taken on a life of its own over the last decade,” she added, “being shared millions of times and creating an entire community around the Doge meme

The price of smart contract platform Cardano ($ADA) could be “severely undervalued,” as on-chain analysis suggests there is a bullish outlook for the cryptocurrency that could see its price rise.

That’s according to on-chain analytics firm Santiment, which revealed in its analysis that $ADA hark and whale addresses – those holdings between 100,000 and 10 million tokens – have been aggressively accumulating over the past six weeks, while the cryptocurrency’s price keeps on dropping.

As CryptoGlobe reported, sharks on the Cardano network have been steadily accumulating tokens since June and now control more than 4 billion $ADA, meaning they hold their largest percentage of the cryptocurrency’s supply in a year and a half.

In its latest Asset Report, CryptoCompare revealed that following the collapse of FTX there was a rising trend in users moving their assets off of centralized cryptocurrency platforms and moving them to decentralized solutions and self-custody.

The move, CryptoCompare wrote, led to a spike in average daily active users on the smart contract platform. In total, Cardano’s daily active users rose 15.6% to 75,800 last month, the highest number recorded since May.

Similarly, monthly transactions on the Cardano network also rose 5.34% to 2.32 million last month, marking the largest transaction volume since April.

Santiment’s analyst also noted that when looking at realized gains and losses there are signs sellers are exhausted, as on “every big price decrease there are fewer and fewer coins moving at a loss.”

Per the analyst, Cardano is facing a volume gap between the $0.19 and $0.26 marks, where he expects “serious buying” to take place. The analysts concluded:

Based on the things mentioned above, I believe price will increase in value. However, without any other data, it is difficult to accurately assess the validity of this analysis. It is important to consider multiple factors and carefully evaluate the available data when making investment decisions. 

Messari also recently published a research report on Cardano, in which it reveals the cryptocurrency is lagging behind its main competitors. While it saw its decentralized finance activity surge this ear, with daily transactions leveling off at 60,000 since the second quarter of the year, its total value locked lagged when compared to market capitalization.

Per the report, Cardano’s market capitalization was nearly $15 billion at the time, while its total value locked was $78 million, giving it a market cap/TVL ratio of 190, significantly above that of rival smart contract platform Ethereum, which has a ratio of 6. Other competitors, Solana and BNB Chain, had ratios of 17 and 10, respectively.

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Featured Image via Unsplash

Although a few candlewicks rose above the $3-mark, Cardano was yet to register a daily close above $2.96. In fact, the world’s third largest digital asset was now taking shape within a descending wedge and the same was expected to severely impact ADA’s upwards trajectory.

Bearish signs settled on a few of its indicators and buyers needed to target a key price level to avoid a bearish outcome. At the time of writing, ADA traded at $2.94, down by 1.3% over the last 24 hours.

Cardano 12-hour Chart

The 12-hour chart indicated that prices have moved within a descending wedge since 23 August. The setup is usually considered bearish and the same was expected to function as a reversal of ADA’s previous uptrend.

A breakdown would set price targets around $2.25, which would result in a 23% plummet in value from ADA’s press time level. An early cut-off can also be expected at $2.46, which now functioned as support.

On the other hand, support found at $2.90 would allow ADA to continue movement within the pattern but a breakdown was expected nevertheless. To negate this bearish structure, ADA would need to close above $3.1 with strong volumes.

This outcome would allow ADA to assert itself at higher levels without fears of an immediate pullback. A broader market rally would also have a positive impact in the ADA market.

Reasoning 

Several divergences were spotted across ADA’s indicators. The Awesome Oscillator formed three lower peaks as buying pressure lost steam. The index was also in danger of a sharp drop below the half-line due to a bearish twin peak setup. The MACD was also on a constant decline since 23rd August.

The Signal line stayed above the fast-moving line, something that is normally observed when bearish momentum starts to rise. Meanwhile, the RSI was a bit of a saving grace. The index steadied from overbought levels one week ago, and moved in a horizontal channel above 50. ADA’s overall uptrend would be under no immediate danger till the RSI dips below 40.

Conclusion

ADA’s descending wedge exposed the market to a 23% decline. A few indicators declined from multi-month highs and flashed bearish signals. However, an RSI reading above 55 meant that an extended sell-off was unlikely due to the presence of underlying bullish strength in the market.