Dogecoin's price has been on a downward trajectory today, primarily due to the removal of its iconic meme imagery from the Department of Government Efficiency's website, a government initiative led by Elon Musk. The website initially featured the likeness of Kabosu, the Shiba Inu that inspired Dogecoin, which had led to a surge in its price on Tuesday. However, the removal of this imagery has led to a significant retracement, as traders took profits and reacted to the change. The coin had previously seen a boost when the website first displayed the imagery, but the absence of it now has contributed to the decline.
Adding to the downward pressure, the broader crypto market has shown mixed movements, with major cryptocurrencies like Bitcoin and Ethereum experiencing slight declines. Meanwhile, Solana and XRP have surged, indicating a shift in investor focus. The market's reaction to potential policy changes under Donald Trump's administration, including executive orders and tariff decisions, has also played a role in the current market dynamics. "Crypto markets have dipped as traders take profit and wait to see the potential impact of tariffs on Mexico and Canada," noted Jeff Mei, COO at BTSE.
Dogecoin's price has fallen by 3.76% today, reaching a low of $0.349260.