The price of Dogecoin (Doge) has experienced a significant decline this year, and investors are waiting for a new rise catalyst. However, Elon Musk and Donald Trump’s idea of distributing a $ 5,000 -dollar incentive check can lead to great mobility in the crypto market.
Elon Musk and Dogge team are discussing the incentive check!
One of the biggest developments that can trigger a potential increase in the price of Dogecoin is a $ 5,000 incentive check that the Doge team thinks.
This incentive voucher is planned as a Doga dividend to be distributed to American taxpayers. The Dge team announced that it saves 50 billion dollars thanks to its activities in the Government Productivity Department. Elon Musk thinks that these savings can reach $ 2 trillion. A manager named James Fishback suggested that these savings should be distributed to the citizens over Dogge, and President Trump and Elon Musk should explain a ‘Dogecoin dividend’ financed only by the savings provided by Doge and that these funds should be returned to this proposal, he said. Elon Musk responded positively and said he would discuss with President Trump. Considering that the incentive checks distributed in 2020 and 2021 raise the prices of Bitcoin and Dogecoin, a new incentive program can lead to a huge increase in the price of Dogecoin.
Technical Analysis for Dogecoin: Does a new rally start?
The Dogecoin graph gives a strong rise signal in the coming weeks. Dogecoin fell to $ 0.20, after rising to $ 0.4842 in November 2023. This region is very close to the highest levels in March 2023 and creates a strong support area. According to Elliot Wave Theory, Dogecoin is in a correction process in the fourth wave. After the completion of this stage, a large bull run may begin with the fifth wave rise. If Dogecoin returns to $ 0.48, the summit in 2023, this will mean an increase of 90 %!
However, if the price falls below $ 0.20, the rise scenario may be invalid. Dogecoin investors should pay attention to the explanations from the Elon Musk and Trump front in the coming days.
