Dogecoin (DOGE) crashes with the removal of the canine logo from the D.O.G.E website

Dogecoin (DOGE) has experienced a crash after the dog-themed logo on the Department of Government Efficiency (D.O.G.E) website was removed. Elon Musk’s favorite memecoin is now in a bear dump of -6% compared to seven days ago. 

Dogecoin: DOGE collapses after the removal of its canine logo from the D.O.G.E website

Dogecoin (DOGE), the famous memecoin favored by Elon Musk, has just experienced a price dump. The reason seems to be the removal of the dog-themed logo from the website of the Department of Government Efficiency (D.O.G.E).

In fact, at the time of writing, DOGE is worth $0.352, and it is in a dump of -6% compared to seven days ago. 

In reality, during January 21st, with the news of the launch of the D.O.G.E website, the price of the memecoin had gone from $0.34 to $0.39 in just one day. 

The new USA Department, led by Elon Musk himself, had chosen to present the canine-themed logo of DOGE as a symbolic element throughout the site, consolidating its image as a tool of innovation and modernity. 

On the other hand, it is not new that Musk takes actions to support and promote his favorite memecoin, often contributing to significant price movements of the token. 

Unfortunately, however, this logo has already disappeared from the radar and has therefore been removed from the D.O.G.E website, with negative effects on the price of DOGE. 

The canine logo of DOGE and Elon Musk: a story that repeats itself

What just happened is actually something already seen. In fact, when Elon Musk became the owner of Twitter, the first thing he did was replace the classic blue bird with the Shiba dog of DOGE. 

It was April 2023, in fact, when Musk had published a meme tweet to inform users about the replacement of the image on the social network, which had become his property.

Even on that occasion, the price of DOGE skyrocketed by +25% in just 24 hours, finding widespread enthusiasm among the followers of the memecoin. 

Another similar episode, then, occurred when Musk changed the name of Twitter to X. On that occasion, Musk added the DOGE canine logo to his X profile, resulting in a new pump of +5% for the memecoin.

All these episodes involving Musk and the DOGE dog logo have been temporary, just like what just happened with the website of the Department of Government Efficiency of the USA. 

The current sentiment for Dogecoin

The bear market trend of these last hours for Dogecoin is also manifesting in its market sentiment. 

In fact, the current Fear and Greed Index for Dogecoin is 64 Greed (enthusiasm).

However, this positive result is a bit lower compared to the Fear and Greed Index score for Dogecoin of 68, reported yesterday, when the canine logo was still online.