Dogecoin (DOGE) Dips 6% After Government Website Removes Shiba Inu Imagery

Dogecoin DOGE/USD is down 6% after the Department of Government Efficiency website removed the iconic Shiba Inu imagery, a symbol closely tied to the meme coin’s popularity.

Cryptocurrency meme coin Dogecoin (CRYPTO: DOGE) was trading lower Monday evening after the Department of Government Efficiency website removed the iconic Shiba Inu imagery, a symbol closely tied to the meme coin’s popularity.

The website, co-led by Tesla (NASDAQ:TSLA) CEO Elon Musk, highlights government agencies that are "overstaffed, overpaid or overbearing."

Musk has frequently used the term "meme coin" to describe Dogecoin and other cryptocurrencies with large followings on social media.

Chart Notes: Despite the dip, crypto chart analyst Ali Martinez remained bullish on Dogecoin, forecasting a breakout to $0.39.

" $DOGE appears to form a falling wedge, anticipating a breakout to $0.39!" Martinez wrote.

The trader highlighted a fib extension target of $0.48, adding, "Watch for a breakout from the falling wedge & a fib extension target of $0.48."

Another trader, Altcoin Sherpa, was considering a long position in DOGE, adding that if Bitcoin rallies, Dogecoin is likely to follow suit.

Highlighting a previous Bitcoin rally that led to a 100% gain in DOGE, Sherpa said, "If BTC pumps like last time, I'm considering a small long on $DOGE. Last BTC rally led to a 100% gain on DOGE. Not financial advice."

The crypto trader noted that he was watching for a morning star candle on the lower time frame and strength in the total crypto market cap.

Later, More Crypto Online highlighted that while DOGE’s current price structure appears weak, it could still align with a larger bullish wave formation.

"$DOGE: I prefer that the price holds above this week's low, but the structure looks pretty lousy," the crypto analysis account wrote.

"The assumption is that the price has formed a larger wave 4 low in December, and is now working on a larger diagonal pattern in circle wave 2. A break below yesterday's low opens the ...," the analysis continued.

Community Notes: The Department of Government Efficiency website no longer features the Shiba Inu imagery, which had become a symbol of Dogecoin and the broader meme coin movement.

The agency, co-led by Musk, focuses on streamlining government operations by cutting budgets and reducing jobs.

The agency also saw leadership changes recently, with Vivek Ramaswamy stepping away to focus on his Ohio governor campaign.

See also: Best Meme Coins to Buy