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Dogecoin's DOGE/USD erratic performance is puzzling traders but fresh demand from small businesses may increase the appeal of the apex meme coin.

What Happened: Dogecoin is down 13% over the past seven days and has painted a bearish chart pattern, according to trader Kevin. He predicts $0.08 as the next logical level to possibly build “a new base.”

Based off this #Dogecoin chart we have some simple facts to state. Broke out and faked out of the macro falling wedge = Bearish. Lost all key 1D and 4HR moving averages = Bearish. The only logical next step is to go revise .08 cents and see if we can build a new base. pic.twitter.com/Fn1qRgIjq9 — Kevin (@Kev_Capital_TA) October 3, 2024

Bloomberg reported on Wednesday that Dogecoin is seeing a fresh surge in grassroots demand from small businesses like Williamsburg Pizza in New York and University Sports Grill in Tempe, Arizona.

Crypto chart analyst Ali Martinez cited IntoTheBlock data to show that 60,210 addresses purchased 36.4 billion DOGE at $0.11, saying the meme coin must reclaim this level to remain bullish.

In another tweet, he highlighted that Dogecoin whales bought more than 1 billion DOGE, worth $108.7 million, in the past 24 hours.

#Dogecoin whales bought over 1 billion $DOGE in the last 24 hours, totaling roughly $108.7 million! pic.twitter.com/2aSevCd7Lm — Ali (@ali_charts) October 4, 2024

IntoTheBlock data shows Dogecoin's large transaction volume increasing by 11.7% and daily active addresses falling by 17.8%. Transactions greater than $100,000 are down from 303 to 261 in a single day. Exchanges netflows are down by 40.2%.

Price Action: DOGE is up 4.7% over the past 24 hours, trading around $0.1086 at the time of writing.

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