Dogecoin took a nosedive, dropping 6% in just 24 hours. This is a big surprise, especially since recent events were expected to boost its price.
The Shiba Inu Mystery
One reason for the drop might be the removal of a Shiba Inu image from the D.O.G.E. website. D.O.G.E. stands for the Department Of Government Efficiency, a new US government department. While unrelated to Dogecoin, the similar acronym and the fact that Elon Musk (the “Dogefather”) is expected to lead it, created a lot of buzz. The Shiba Inu image, initially on the D.O.G.E. website, fueled speculation of a connection, causing a short-lived price spike. Once the image was removed, the excitement vanished, and the price plummeted along with trading volume (down 75% in 24 hours).
The ETF Hype and Reality
Several companies recently filed for Dogecoin ETFs (Exchange-Traded Funds). This news, combined with a new US administration seen as more crypto-friendly, led many to believe Dogecoin’s price would soar. Some analysts even predicted prices as high as $15.
Current Situation and Predictions
Currently, Dogecoin is trading around $0.35. While some technical analysis suggests a possible short-term rise to $0.39, the recent price drop shows that the ETF filings haven’t had the immediate impact many expected. The situation remains uncertain.
