Dogecoin (DOGE), the leading meme cryptocurrency, might be on track to reach a new record high, according to analytics platform IntoTheBlock.
The whimsical cryptocurrency, which is the most famous parody of Bitcoin, has surged by more than 10% over the past month, outperforming some other major altcoins.
However, in order to move to new highs, the meme coin would first need to convincingly break above the $0.20 level.
According to data provided by IntoTheBlock, 32,000 addresses hold almost 4 billion DOGE tokens at a loss at current prices.
The leading meme cryptocurrency is currently changing hands at $0.18 on major spot exchanges, according to data provided by the CoinGecko exchange.
Tomiwabold OlajideEven at current prices, 80% of Dogecoin holders are making money, according to IntoTheBlock.
With that being said, it is worth mentioning that various on-chain signals, including net network growth and concentration, are currently flashing red. However, the bid-ask volume imbalance on exchanges is in the green area.
Earlier today, Dogecoin managed to peak at $0.2047. However, the meme cryptocurrency has since plunged all the way to $0.1868 due to Bitcoin's weakness. The largest cryptocurrency slipped to $68,207 earlier today after reaching an intraday high above the $72,000 level.
Cryptocurrency traders are now preparing to react to the key March CPI inflation data, which will be published on Wednesday. Lower-than-expected numbers could be a major bullish catalyst for major cryptocurrencies, including Dogecoin, since it means that the US Federal Reserve would be more likely to cut interest rates.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team