Will Dogecoin Price Pump as Elon Musk Led DOGE Mulls $5,000 Stimulus Checks?

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DOGE Bounces from Support As Elon Musk’s Aid Pushes $200M Dogecoin Treasury Plan

Highlights

  • Dogecoin price could receive a boost if Elon Musk and Trump offer $5,000 stimulus checks.
  • The checks will be in the form of a DOGE dividend from savings made by Musk’s team.
  • Stimulus checks would boost Dogecoin and other altcoin prices.

Dogecoin price has crashed this year as sentiment among meme coins wanes. It has retraced by double digits from its 2024 high as investors wait for a catalyst. One catalyst may be a $5,000 stimulus check being mulled by Elon Musk’s led DOGE team.

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Dogecoin Price May Pump as Elon Musk Mulls Stimulus Checks

A potential catalyst for the Dogecoin price is a potential DOGE dividend. The dividend will be in the form of a $5,000 stimulus check sent to American taxpayers using the savings that the Department of Government Efficiency or DOGE has found.

Elon Musk and Scott Bessent, the Treasury Secretary, said that the DOGE team has already saved taxpayers $50 billion so far. Bessent added that the savings will likely be more as the team’s work continues. Elon Musk believes that the total savings could get to $2 trillion.

James Fishback, an American executive recommended that DOGE should consider distributing the savings to taxpayers. He said:

President Trump and Elon Musk 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.”

In response to the X post, Elon Musk said that he would speak with the president about it. Such a stimulus check would likely lead to higher crypto prices mirroring to what happened in 2020 and 2021. At the time, Trump’s and Biden’s stimulus checks helped to push Bitcoin and DOGE prices higher.

However, it is unclear whether the stimulus checks will come as officials will be afraid of stimulating inflation. Also, a report by Bloomberg estimates that the real figure of the total savings so far is $16 billion.

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DOGE Price Analysis: Elliot Wave Points to a Surge

The Dogecoin price chart shows that the coin may stage a strong comeback in the coming weeks. It recently crashed from a high of $0.4842 in November to a low of $0.2 this year. Its lowest point was a notable level since it was slightly above $0.2287, its highest swing in March last year. That is known as a break-and-retest pattern, which is a highly bullish sign.

An Elliot Wave analysis shows the value of DOGE is in currently in the fourth wave, which is a corrective one. This performance means that the coin will then move to the bullish fifth wave. A conservative move to last year’s high of $0.48 would be a 90% surge from the current level.

Dogecoin Price
Dogecoin Price

The bullish DOGE price forecast will become invalid if the coin crashes below the key support level at $0.20.

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Frequently Asked Questions (FAQs)

1. Will the $5,000 stimulus check boost Dogecoin price?

A launch of a $5,000 stimulus check through a DOGE dividend would likely boost Dogecoin and other cryptocurrencies.

2. Will the US government launch the DOGE dividend?

Odds of the US giving out stimulus checks are limited because of the inflation it would bring. Also, it is unclear whether the DOGE savings will be enough to give all taxpayers $5,000.

3. What are the top DOGE price targets?

Elliot Wave suggests that the Dogecoin price will surge. The initial target for the coin will be the psychological point at $0.35, followed by last year’s high of $0.48.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.