Dogecoin's (CRYPTO: DOGE) 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.”

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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.

Also Read: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!

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.

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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This article Dogecoin Whales Accumulating Large Positions, But Charts Bearish: Do They Know Something We Don't? originally appeared on Benzinga.com