Dogecoin Price Plunges 6% Amid 75% Trading Volume Drop

Dogecoin's price has taken a hit in recent hours, plummeting by 6% as trading volume drops a staggering 75%. The cryptocurrency was earlier this week riding high on the back of announcements surrounding Dogecoin ETFs, which sparked hopes of increased institutional investment and a potential price surge.

The removal of the iconic Shiba Inu image from the D.O.G.E. website has been identified as one catalyst for the price dip. The website, associated with the Department Of Government Efficiency authorized by US President Donald Trump, had briefly boosted Dogecoin's price and trading volumes due to its acronym bearing a resemblance to the meme coin's ticker.

Market analysts believe that the eventual launch of a Dogecoin ETF could significantly elevate its price. Crypto analyst Ali Martinez has projected a potential rise to $15, linked to historical technical patterns since 2016. However, with DOGE currently trading at $0.35, it remains to be seen whether this will come to fruition.