After falling from its highest level to 47% in 2024, the price of dogcoin remains in a bear market, but some catalysts may soon push it high.
The largest meme coin in Crypto was trading at $ 0.2537 on 19 February, which exceeded $ 37 billion.
A major catalyst that can give high push to dogcoin is the proposed Dogi dividend. The proposal suggested an inquiry into an incentive of $ 5,000 for US taxpayers, with its funding coming from safe savings by the Department of Government Efficiency of Elon Musk.
According to Treasury Secretary Scott Besant, Dogi has already saved the government over 50 billion dollars. BloombergHowever, this figure is denied, from which the savings of savings are approximately $ 16 billion. Musk has suggested that the total savings may exceed $ 2 trillion over time.
An X user suggested that the government declares a divine dividend – a tax return of $ 5,000 sent to all taxpayers. Musk replied, showing that he would discuss the idea with Donald Trump.
It should be reminded that the government efficiency department of Elon Musk does not belong to dogcoin, despite the same names. The purpose of his Dogi project is to eliminate government waste, while Dogcoine is the oldest meme coin in Crypto and Musk.
In theory, an excitement probe would be beneficial for other risky assets such as cryptocurrency and technology shares, as some of the distributed funds will flow into these markets, which occurred during epidemic.
However, such stimuli probe can also contribute to high inflation, potentially motivate the Federal Reserve to maintain a Hawkish stance. DogeCoin and most Altcoins crashed in 2022 when FED raised interest rates to address fuel inflation by previous stimulation measures.
Another potential catalyst for the price of dogcoin is a growing chances of a spot Doge ETF approval. Polymarket Data shows that ODD has jumped up to 80%.
Dogocine value forecast
Dogge has another technical catalyst, as it is currently in the impulse phase of Elliot Wave formation. The first fast phase took place between September 2023 and March 2024, followed by the second phase between March and August.
The third phase, usually the longest, occurred between August and November. DogeCoin is now in the fourth wave and has already retaliated significant support on $ 0.2287. This will probably enter the fifth wave, potentially push its price to a record high of $ 0.7477, which is about 195% above its current level.
There is no stranger for DogeCoin large price swings, growing 750% from its lowest point to 2024 high levels in 2023.
