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.
Even 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.