Dogecoin Drops 6% After DOGE Department Removes Logo

Dogecoin DOGE/USD is down 6% after the Department of Government Efficiency website removed the iconic Shiba Inu imagery, a symbol closely tied to the meme coin’s popularity.

Cryptocurrency	Price	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.358	-6.4%	-4.4%
Shiba Inu SHIB/USD	$0.00002025	-3.9%	-8.6%
Pepe PEPE/USD	$0.00001534	-4.5%	-16.8%

Trader Notes: Despite the dip, crypto chart analyst Ali Martinez remains bullish, forecasting a breakout to $0.39.

#Dogecoin $DOGE appears to form a falling wedge, anticipating a breakout to $0.39! pic.twitter.com/EDZaRoBFE4

— Ali (@ali_charts) January 22, 2025

Altcoin Sherpa is also cautiously optimistic, considering a long position in DOGE.

He notes that if Bitcoin rallies, Dogecoin is likely to ride the momentum.

Meanwhile, More Crypto Online highlights that while DOGE's current price structure appears weak, it could still align with a larger bullish wave formation. H

owever, a drop below Jan 21’s low might indicate alternative bearish scenarios.

$DOGE: I prefer that the price holds above this week's low, but the structure looks pretty lousy. The assumption is that the price has formed a larger wave 4 low in December, and is now working on a larger diagonal pattern in circle wave 2. A break below yesterday's low opens the… pic.twitter.com/Y0rkbuZ0WX

— More Crypto Online (@Morecryptoonl) January 22, 2025

Community News: The Department of Government Efficiency's website no longer features the Shiba Inu imagery, which had become a symbol of Dogecoin and the broader meme coin movement.

The agency, co-led by Elon Musk, focuses on streamlining government operations by cutting budgets and reducing jobs.

The agency also saw leadership changes recently, with Vivek Ramaswamy stepping away to focus on his Ohio governor campaign.

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• Dogecoin Down 7%, Shiba Inu Declines 3%: What’s Going On?

Image: Shutterstock