The price of Dogecoin remains in a lower market after falling 47% compared to its highest level in 2024, but some catalysts can push it soon.
Dogecoin (DOGE), the largest coin of crypto memes was negotiated at $ 0.2,537 on February 19, bringing market capitalization to more than $ 37 billion.
A key catalyst that can push higher Dogecoin is the proposed DOGE dividend. The proposal suggests a recovery check of $ 5,000 for American taxpayers, with its funding from the savings guaranteed by the Elon Musk government ministry.
According to the Treasury Secretary Scott Bessent, Doge has already saved the government more than $ 50 billion. BloombergHowever, refuted this figure, estimating savings at around 16 billion dollars. Musk suggested that total savings could exceed 2 dollars of dollars over time.
A user X suggested that the government announces a DOGE dividend – a tax refund of $ 5,000 sent to all taxpayers. Musk replied, indicating that he would discuss the idea with Donald Trump.
It should be recalled that the Elon Musk government’s Ministry of Effectiveness is not linked to Dogecoin, despite identical names. His DOGE project aims to eliminate government waste, while Dogecoin is the oldest piece of crypto and musk was one of the biggest DOGE boosters in 2020 and 2021
In theory, stimulation control would be beneficial for cryptocurrencies and other risky assets such as technology stocks, because some of the distributed funds would probably flow in these markets, similar to what happened during the pandemic.
However, such stimulation controls could also contribute to higher inflation, which has potentially prompted the federal reserve to maintain a bellicist position. Dogecoin and most altcoins crashed in 2022 when the Fed increased interest rates to treat inflation powered by previous recovery measures.
Another potential catalyst for Dogecoin’s price is the growing probability of a Spot Doge andF approval. Polymarket The data show that the strange has increased to 80%.
Dogecoin price forecast
DOGE has another technical catalyst, because it is currently in the impulse phase of the formation of Elliott waves. The first bullish phase occurred between September 2023 and March 2024, followed by a second phase between March and August.
The third phase, generally the longest, took place between August and November. Dogecoin is now in the fourth wave and has already retested the key support at $ 0.2,287. He will probably enter the fifth wave, potentially pushing his price to a record summit of $ 0.7477, around 195% above his current level.
Dogecoin is not unrelated to significant price oscillations, having increased by 750% of its lowest point in 2023 to its summits in 2024.