Yes, Elon Musk's Twitter acquisition is one of them.
At least three market catalysts suggest DOGE could rise by at least 50% by the end of q3 2022.
Drop wedge break in the race
Dogecoin has been plotting a "falling wedge" pattern on its longer time frame chart since May 2021, suggesting a bullish reversal is possible in the coming months.
A declining wedge occurs when the price trend declines within the range defined by two descending trend lines of convergence. Their emergence coincided with a drop in trading volumes, indicating a slowdown in activity due to a narrower price range.
The wedge breakout upwards, combined with increased trading volume, suggests the asset is breaking out. As a rule of technical analysis, a falling wedge break can push prices up to the maximum distance between the structural uptrend and downtrend lines.
Applying classical theory to dogecoin suggests that if the breakout occurs near $0.14, or about 190% above today's price, it will rise to $0.40.
In a worst-case scenario, a falling wedge breakout could see DOGE's price rebound slightly more than 50% to $0.21, as its breakout point nears its peak around $0.75.
Elon Musk's Twitter acquisition
Earlier this week, Twitter announced it had accepted a $4 billion bid from Elon Musk to buy its social media platform. Based on his recent recommendations to the company's board, dogecoin prices have reacted optimistically to the possibility of Musk integrating DOGE as one of the official payment media for Twitter's subscription service.
Noelle Acheson, head of market insights at Genesis Global Trading, noted that DOGE's price increase was implied by "a lot of speculation" as Musk still needs to confirm whether he will add dogecoin payment options to Twitter.
"But the possibility, even remote, is enough to get traders excited about the potential gains from DOGE adoption," he told Bloomberg.
DOGE investors get excited
Musk's Twitter acquisition announcement on April 25 and its subsequent positive impact on dogecoin prices, which rose nearly 20% the same day, coincided with a surge in retail and institutional interest.
On April 25, for example, Internet queries for the keyword "buy Dogecoin" jumped 392 percent, according to Google Trends. Meanwhile, DOGE chain transactions worth more than $100,000 reached $2.59 billion that day.
"This was the highest volume since March 24 and represented 94 per cent of the total," noted IntoTheBlock, a data analytics platform.
The cryptocurrency card service confirmed as much in an emailed statement to Cointelegraph, noting that "with Musk taking full ownership of Twitter, interest in buying Dogecoin online soared to nearly four times the average transaction volume in one day."
DOGE's price fell more than 12 percent on April 26. Still, the decline was accompanied by lower volume than the previous day, indicating less profit-taking sentiment.