Dogecoin Trading Volume Plunges 75% After D.O.G.E. Site Drops Dog Logo

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Dogecoin Trading Volume Plunges 75% After D.O.G.E. Site Drops Dog Logo

Jan, 24 2025 4:52

In the last day, Dogecoin has experienced a 6% drop in price, reflecting a stark reversal from its upward trajectory earlier this week. This downturn is particularly notable against the backdrop of anticipated events that initially suggested enhanced bullish momentum for the cryptocurrency.

The recent announcements regarding Dogecoin ETFs stirred excitement within the crypto community, leading to expectations of heightened institutional engagement and a prospective price surge. However, the current decline leaves many questioning the factors influencing the meme coin's downturn.

Contrary to the optimism surrounding the Dogecoin ETF filings, one catalyst for the price dip has been identified as the removal of the iconic Shiba Inu image from the D.O.G.E. website. This website, associated with the newly established Department Of Government Efficiency, was recently authorized by US President Donald Trump.

Although the department bears no direct relevance to Dogecoin, its acronym, reminiscent of the meme coin’s ticker, drew public attention. Notably, the department is speculated to be headed by Elon Musk, widely recognized as the "Dogefather" due to his endorsement of Dogecoin.

During its debut, the D.O.G.E website prominently displayed the Shiba Inu dog, linking it to Dogecoin and briefly stimulating its price and trading volumes. However, following the image's removal, enthusiasm has swiftly waned, accompanied by a significant 75% reduction in trading volume within 24 hours.

Recent ETF filings by asset managers REXShares and Osprey Funds have stirred considerable interest in Dogecoin. Subsequently, Bitwise has also applied for a Dogecoin ETF in Delaware, aligning with the commencement of a pro-crypto administration in the US, potentially offering regulatory advantages for such crypto-backed financial products.

Some market analysts believe the eventual launch of a Dogecoin ETF might elevate its price considerably. Crypto analyst Ali Martinez has projected a potential rise to $15, linked to historical technical patterns since 2016.

Currently, DOGE stands at $0.35, with technical indicators suggesting a potential short-term rebound to $0.39 within the next day.

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