The last 24 hours have seen a notable rise of 6%. Decrease in Dogecoin price movementThis represents a quick reversal of the bullish momentum that occurred two days ago. This rapid decline is worrying, especially since it aligns with events that were expected to generate strong upward momentum for the meme coin.
The last DOGE ETF Deposit News It sparked great anticipation within the cryptocurrency community and on social media, with many anticipating the filings would heighten institutional interest and spark a rally. This leaves room for questions How is the price of the meme coin falling now?
Removing images of Shiba Inu dulls the sentiment
Dogecoin’s price drop comes at a time when the optimism surrounding DOGE ETF deposits should have been ideal Boost token performance. A major contributor to the decline in Dogecoin prices was the removal of Shiba Inu images from the DOGE website. DOGE is the newly created Department of Government Efficiency, which was signed into law by US President Donald Trump.
Although there is no utility or direct connection to DOGE, the department’s abbreviation bears an uncanny resemblance to the currency meme bar. Adding to the interest, the division is expected to be headed by Elon Musk, popularly known as the “Dogefather” due to his vocal support for Dogecoin.
When DOGE It was launched just two days ago, It prominently featured an image of the famous Shiba Inu dog that has become synonymous with Dogecoin. This surprising inclusion caught the attention of the cryptocurrency community, especially Dogecoin fans. Many interpreted the featured image as a deliberate reference to the meme coin and a strong correlation between the two, as its price and trading volumes saw a brief spike.
However, the euphoria seems to have faded as quickly as it started after the photo was removed. This also saw a similar decline in the price of DOGE, with trading volume also seeing a sharp 75% drop in 24 hours.
Dogecoin ETFs Send Price High
The recent filings of DOGE-linked exchange-traded funds (ETFs) by asset managers REXShares and Osprey Funds have generated a great deal of interest in the cryptocurrency community. Shortly after, cryptocurrency index fund manager Bitwise I also applied for a Dogecoin ETF In Delaware. The strategic timing of these filings coincides with the launch of a pro-cryptocurrency administration in the United States, which could provide favorable regulatory environments for such cryptocurrency-related financial products.
Some encryption Experts predicted The eventual launch of the Dogecoin ETF will send the price of Dogecoin to new highs. For example, cryptocurrency analyst Ali Martinez predicted that the Dogecoin ETF would send the meme coin to $15. This target price is based on… Technical analysis of uptrend channel Which Dogecoin has been trading since 2016.
At the time of writing, DOGE is trading at $0.35 in a falling wedge pattern. Technical analysis of the falling wedge indicates that the meme coin could rise to $0.39 again in the next 24 hours.
Featured image from iStock, chart from Tradingview.com