Dogecoin (DOGE) has seen a sharp 6% price drop in the last 24 hours, reversing the bullish momentum it gained just days ago.
This decline comes despite the recent filings for Dogecoin Exchange-Traded Funds (ETFs), which were expected to boost the meme coin’s value.
One major factor behind the price slump is the removal of Shiba Inu imagery from the D.O.G.E (Department of Government Efficiency) website.
The D.O.G.E, signed into law by former US President Donald Trump, initially featured the iconic Shiba Inu dog, sparking excitement among Dogecoin enthusiasts.
However, the image’s removal has dampened sentiment, leading to a 75% drop in trading volume and a price decline.
The recent ETF filings by asset managers like REXShares, Osprey Funds, and Bitwise had initially fueled optimism.
Analysts, including Ali Martinez, predicted that a Dogecoin ETF could push DOGE to $15, based on historical price trends. However, the market’s reaction has been muted, with DOGE currently trading at $0.35.
Technical analysis suggests DOGE is in a falling wedge pattern, which could lead to a short-term rebound to $0.39. However, the broader market sentiment remains cautious, overshadowing the potential long-term benefits of a Dogecoin ETF.
While the ETF filings signal growing institutional interest, Dogecoin’s price action highlights the volatile nature of meme coins, where hype and sentiment often outweigh fundamentals.
