🌎 Dogecoin Price Poised for Bullish Run

Dogecoin Price: Potential Catalysts for a Bullish Run

Dogecoin, the largest meme coin in the cryptocurrency market, has been experiencing a bear market after falling by 47% from its highest level in 2024. Currently trading at $0.2537, its market capitalization stands at over $37 billion.

Proposed DOGE Dividend: A Potential Catalyst

A proposed DOGE dividend could be a key catalyst to push Dogecoin’s price higher. The idea, suggested by an X user, involves a $5,000 stimulus check for American taxpayers, funded by the savings secured by Elon Musk’s Department of Government Efficiency. According to Treasury Secretary Scott Bessent, DOGE has already saved the government over $50 billion. However, this figure has been disputed, with Bloomberg estimating the savings at approximately $16 billion.

President Trump and @ElonMusk should announce a ‘DOGE Dividend’—a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by DOGE.

Potential Impact on the Market

A stimulus check would likely benefit cryptocurrencies and other risky assets, such as technology stocks, as some of the distributed funds would flow into these markets. However, it could also contribute to higher inflation, prompting the Federal Reserve to maintain a hawkish stance. This could negatively impact Dogecoin and other altcoins, as seen in 2022 when the Fed raised interest rates to address inflation.

Increasing Likelihood of a Spot DOGE ETF Approval

Another potential catalyst for Dogecoin’s price is the increasing likelihood of a spot DOGE ETF approval. According to Polymarket data, the odds have jumped to 80%. This could lead to increased institutional investment in Dogecoin, potentially driving up its price.

Technical Catalyst: Elliott Wave Formation

Dogecoin is currently in the impulse phase of the Elliott Wave formation. After retesting the key support at $0.2287, it is likely to enter the fifth wave, potentially pushing its price to a record high of $0.7477, about 195% above its current level.