The Dogecoin price is currently in a bear market, having fallen by 47% from its highest level in 2024. However, there are a few catalysts that could push it higher. One potential catalyst is the proposed DOGE dividend, which suggests a $5,000 stimulus check for American taxpayers funded by savings secured by Elon Musk's Department of Government Efficiency. Another catalyst is the increasing likelihood of a spot DOGE ETF approval. Additionally, Dogecoin is currently in the impulse phase of the Elliott Wave formation, and it is expected to enter the fifth wave, potentially pushing its price to a record high of $0.7477. Despite the bear market, Dogecoin is known for large price swings and has previously surged 750% from its lowest point in 2023 to its 2024 highs.



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