Dogecoin price outlook: Can a potential DOGE dividend spark a rally?

Dogecoin Price May Rise Amidst Catalysts

After experiencing a decline of 47% from its 2024 peak, Dogecoin (DOGE) stands at $0.2537, maintaining a market cap of over $37 billion.

Proposed DOGE Dividend

A potential catalyst is the proposed DOGE dividend. This proposal entails a $5,000 stimulus for American taxpayers, funded through savings derived from Elon Musk's Department of Government Efficiency.

Government Savings

Treasury Secretary Scott Bessent claims that DOGE has saved the government over $50 billion. However, Bloomberg estimates savings to be closer to $16 billion. Musk suggests potential savings could reach $2 trillion over time.

Elon Musk's Response

In response to a proposal to announce a DOGE dividend, Musk indicated that he would discuss the idea with Donald Trump.

Spot DOGE ETF Approval

Polymarket data indicates an 80% probability of spot DOGE ETF approval, which could be another positive catalyst.

Elliott Wave Analysis

Dogecoin's price movement aligns with the Elliott Wave formation. Following a surge in 2023 and 2024, the current fourth wave may progress into a fifth wave, potentially driving the price to a record high of $0.7477.

Historical Volatility

Dogecoin is known for significant price fluctuations and has previously experienced a 750% surge.