DOGE Price Slumps 6% as Removal of Shiba Inu Imagery from D.O.G.E Website Dampens Sentiment

The last 24 hours have seen a significant 6% decline in Dogecoin's price action, marking a swift reversal from the bullish momentum two days ago.

Over the last 24 hours, Dogecoin's price has seen a rapid 6% decline, marking a swift reversal from the bullish momentum seen two days ago. This sharp drop in price is particularly concerning, especially as it coincides with events that were expected to generate strong bullish momentum for the meme coin.

Recent news regarding DOGE ETF filings generated significant anticipation within the crypto community and on social media. Many expected these filings to spark a rally in Dogecoin's price by attracting increased institutional interest. However, the meme coin's price is now showing a surprising decline.

Removal Of Shiba Inu Imagery Dampens Sentiment

Dogecoin's price decline comes at a time when optimism surrounding DOGE ETF filings should ideally be strengthening the token's performance. However, one factor that may have contributed to the price drop is the removal of Shiba Inu imagery from the D.O.G.E website.

The D.O.G.E is the newly created Department Of Government Efficiency, which was signed into law by US President Donald Trump. While the department has no direct utility or connection to DOGE, its acronym shares an uncanny resemblance with the meme coin's ticker. Adding to the interest, the department is expected to be led by Elon Musk, who is popularly known as the Dogefather due to his vocal support for Dogecoin.

When the D.O.G.E. website launched just two days ago, it prominently featured the iconic Shiba Inu dog image that has become synonymous with Dogecoin. This surprising inclusion caught the attention of the crypto community, especially Dogecoin enthusiasts. Many interpreted the featured image as a deliberate nod to the meme coin and a strong connection between the two, with its price and trading volumes experiencing a brief surge.

However, it would seem that the euphoria has died down as quickly as it began after the image had been removed. This has also seen a corresponding decline in the price of DOGE, with trading volume also witnessing a drastic 75% drop in 24 hours.

Dogecoin ETFs To Send Price Flying High

Recent filings for Exchange-Traded Funds (ETFs) tied to DOGE by asset managers REXShares and Osprey Funds generated a significant load of interest in the crypto community. Shortly after, crypto index fund manager Bitwise also filed for a Dogecoin ETF in the state of Delaware.

The strategic timing of these filings coincides with the inauguration of a pro-crypto administration in the US, which could provide favorable regulatory environments for such financial products tied to cryptocurrencies.

Some crypto experts have predicted that an eventual launch of a Dogecoin ETF will send the price of Dogecoin to new highs. For instance, crypto analyst Ali Martinez predicted that a Dogecoin ETF will propel the meme coin to $15. This price target is based on technical analysis of an uptrend channel that Dogecoin has been trading in since 2016.

At the time of writing, DOGE is trading at $0.35 in a falling wedge pattern. Technical analysis of the falling wedge suggests that the meme coin might shoot up to $0.39 again within the next 24 hours.