Ali Martinez, a well-known cryptocurrency analyst, shared on X that Dogecoin (DOGE) whales purchased more than 1 billion DOGE worth nearly $108.7 million in the past 24 hours.

The buying frenzy could be responsible for DOGE’s current price surge. The asset is up 6.2% on the daily chart, 1.5% on the 14-day chart, and 12% in the last month. The original memecoin is also up 76.6% since October 2023. Despite the gains, the asset is still down 12.3% on the weekly chart.

Reasons for Dogecoin’s rise

Elon Musk's influence

DOGE’s latest rally may be due to Elon Musk’s reiteration of his desire for Tesla vehicles to accept the meme coin. The electric car maker already accepts DOGE as a form of payment for its merchandise, and Musk said the company may enable DOGE payments for its cars in the future.

Mark Cuban's endorsement

Billionaire Mark Cuban is also an ally of the memecoin despite his online spat with Musk. His Dallas Mavericks team began accepting the memecoin for tickets and merchandise in 2021. Cuban estimates that the team has accepted about 25,000 DOGE so far.

Dogecoin Future Prediction

CoinCodex’s analysis

According to an analysis by CoinCodex, Dogecoin (DOGE) will face a correction in the coming weeks. The platform predicts that DOGE will drop to $0.091881 on October 31, 2024. A drop from the current price level to $0.091881 would mean a correction of about 15%.

Changelly’s analysis

Changelly analysts are slightly more pessimistic about DOGE than CoinCodex. The platform predicts that DOGE will reach $0.088959 on October 31, 2024. A drop from the current price level to $0.088959 would mean a drop of about 17.7%.

Dogecoin (DOGE) could also heat up in the coming days given the improving market conditions. If Bitcoin (BTC) starts to rise, the meme coin is likely to follow its lead.