Dogecoin Price Takes Hit After Removal of Iconic Shiba Inu Logo

Dogecoin's price has taken a hit after experiencing a 6% drop in value over the past day. The decline comes amidst anticipation of a potential price surge due to recent ETF filings and the prospect of institutional engagement. However, one unexpected catalyst for the downturn has been the removal of the iconic Shiba Inu image from the D.O.G.E website.

The D.O.G.E website, associated with the newly established Department Of Government Efficiency authorized by US President Donald Trump, initially drew public attention due to its acronym's similarity to Dogecoin's ticker. The department is speculated to be headed by Elon Musk, known as the 'Dogefather' for his endorsement of Dogecoin.

The removal of the Shiba Inu image from the D.O.G.E website has led to a significant 75% reduction in trading volume within 24 hours, with some market analysts attributing this decline to waning enthusiasm. Recent ETF filings by asset managers REXShares and Osprey Funds have stirred interest in Dogecoin, with Bitwise also applying for a Dogecoin ETF in Delaware.