Dogecoin (DOGE) has been experiencing significant volatility around the $0.20 range. The fluctuation started in late March when the coin surged past $0.22.
Many traders consider the $0.20 range a crucial resistance zone, highlighting the difficulty of breaking above this long-fought psychological level. Data from IntotheBlock shows that at least 32K addresses are holding 3.78 billion DOGE at a loss in the $0.20 range.
DOGE must break above this resistance to reach new heights. Similarly, renowned trader Rekt Capital suggested that the memecoin is going through a retesting phase at that level on the monthly timeframe.
At press time, DOGE is exchanging hands at $0.19 at press time, a 3% decrease in a day. The primary asset has been performing relatively well on the weekly scale while most memecoins are in the red: dogwifhat (WIF) and BOOK OF MEME (BOME) are down -9.2% and -21.5%, respectively.
Meanwhile, DOGE and Shiba Inu (SHIB) are up 2.0% and 2.9%, respectively. On that topic, SHIB’s layer-2 scaling solution, Shibarium, has experienced a significant increase in daily transactions, over 75,000, representing a 1,000% increase.
Another notable achievement is that SHIB recorded an increase in its burn rate. As CryptoPotato reported, the burn rate soared by over 300% by the start of the week—almost 100 million SHIB tokens were removed from circulation.