Renowned crypto analyst Ali Martinez highlighted X and shared that the Dogecoin (DOGE) whale has purchased over 1 billion DOGE (worth about $108.7 million) in the past 24 hours.
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The current price hike in DOGE may be due to this panic buying. The asset rose 6.2% on the daily chart, 1.5% on the 14-day chart, and 12% month-on-month. The original meme coin is also up 76.6% since October 2023. Despite the rise, the asset is still down 12.3% on the weekly chart.
Source: CoinGecko
Reasons behind Dogecoin’s rise
Elon Musk’s influence
DOGE’s recent rally may be due to Elon Musk repeatedly expressing his desire to accept the Tesla car meme coin. Electric vehicle manufacturers already accept DOGE for their products, and Musk said the company could allow DOGE payments for its vehicles in the future.
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Mark Cuban support
Billionaire Mark Cuban is also an ally of Memecoin, despite sparring with Musk online. His basketball team, the Dallas Mavericks, began accepting meme coins for tickets and merchandise in 2021. Cuban estimates the team has accepted about 25,000 DOGEs so far.
Dogecoin future prediction
Analysis of CoinCodex
Dogecoin (DOGE) will face a correction in the coming weeks, according to CoinCodex analysis. The platform predicts that DOGE will fall to $0.091881 on October 31, 2024. A fall from the current price level to $0.091881 would be a correction of around 15%.
Source: CoinCodex
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Changely analysis
Changelly analysts are slightly more bearish on DOGE than CoinCodex. The platform predicts that DOGE will reach $0.088959 on October 31, 2024. Reaching $0.088959 from current price levels would represent a decline of approximately 17.7%.
Source: Changely
Dogecoin (DOGE) could also gain momentum in the coming days as market conditions improve. If Bitcoin (BTC) starts to rise, memecoins are likely to follow suit.
