Dogecoin Price and Trading Volume Plummet After Iconic Shiba Inu Image Removal
Recent developments have led to a downturn in Dogecoin's price and trading volume. The cryptocurrency has experienced a 6% drop in price over the last day, which is a stark reversal from its upward trajectory earlier this week. This decline comes against the backdrop of anticipated events that were expected to boost bullish momentum for Dogecoin.
The excitement surrounding the recent announcements regarding Dogecoin ETFs had sparked expectations of heightened institutional engagement and a potential price surge. However, 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. The 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 drew public attention due to its resemblance to the meme coin's ticker. Speculation suggests that Elon Musk, widely recognized as the 'Dogefather' due to his endorsement of Dogecoin, might be heading the department.