Prominent cryptocurrency analyst Ali Martinez has taken to X, sharing that Dogecoin (DOGE) whales purchased more than 1 billion DOGE in the last 24 hours, worth almost $108.7 million.

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The buying spree may be responsible for DOGE’s current price spike. The asset has rallied by 6.2% in the daily charts, 1.5% in the 14-day charts, and 12% over the previous month. The original memecoin is also up by 76.6% since October 2023. Despite the rally, the asset is still down by 12.3% in the weekly charts.

Reasons Behind Dogecoin’s Rally

Elon Musk’s Influence

DOGE’s latest rally could be due to Elon Musk reiterating his desire to accept the meme coin for Tesla vehicles. The electric vehicle manufacturer already accepts DOGE for its merchandise, and Musk says the company may enable DOGE payments for its vehicles in the future.

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Mark Cuban’s Support

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

Future Predictions For Dogecoin

CoinCodex’s Analysis

According to CoinCodex’s analysis, Dogecoin (DOGE) will face a correction over the next few weeks. The platform predicts DOGE will fall to $0.091881 on October 31, 2024. Dipping to $0.091881 from current price levels will translate to a correction of about 15%.

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Changelly’s Analysis

Changelly analysts are slightly more bearish on DOGE than CoinCodex. The platform predicts DOGE will hit $0.088959 on Oct. 31, 2024. Reaching $0.088959 from current price levels will translate to a fall of about 17.7%.

Dogecoin (DOGE) may also pick up steam over the next few days, given improved market conditions. If Bitcoin (BTC) begins to rally, the meme coin will likely follow its trajectory.