DOGE Can Grow By 195% As Favorable Determining factors Play A Key Role

DOGE, or Dogecoin, has continued to remain in the bearish zone as the price dipped by 47% from the projected mark in 2024. Regardless of that, some analysts argue a few determinating factors can push this coin to an even higher level. DOGE is one of the more popular meme coins which are within the crypto space and as of February 19th, it is trading at $0.2537. This brings its market cap to slightly over $0.037 trillion. 

One of the highlighted purposes for the potential increase of the DOGE price is the introduction of the DOGE dividend. The proposal includes a stimulus check of 5K US dollars for American citizens untouched by the COVID-19 economic downturn. These funds will allegedly be dispersed by the Government Efficiency Department headed by Elon Musk. 

At the same time, US Treasury Security Scott Bessent claims that DOGE has unrivaled ability to save the government up to $50 million dollars. However, a report released through Hungary Bloomberg shows that the facts are much less. In accordance with the report, the number is somewhere closer to $16 million. 

Musk, however, suggested the total savings could reach him up to $2 trillion over the course. Therefore, this could compel the government to take note of DOGE’s performance and value addition. Which can prove fruitful. Another plausible determining factor that could spike the price is the approval of DOGE ETF. Therefore, these determining factors could be key in pushing the price higher despite the current volatility. 

Pricing Forecast 

Dogecoin is currently being traded for $0.2537, and historical data shows that the coin has already retested the key support at $0.2287. BTC is currently in the fourth phase of the Elliott Wave formation and will likely enter the fifth wave by pushing the price to a record high of $0.7477, around 195% above the current level. All in all, the determining factors have started working, and the price of DOGE reflects that.