According to CryptoPotato, Dogecoin (DOGE) has been witnessing substantial volatility around the $0.20 range since late March. The coin's surge past $0.22 has led many traders to view the $0.20 range as a significant resistance zone, indicating the challenge of surpassing this psychological level. Data from IntotheBlock reveals that a minimum of 32K addresses are holding 3.78 billion DOGE at a loss in the $0.20 range.
In the past 30 days, DOGE has seen an increase of over 10%. To maintain this upward trend and reach new highs, Dogecoin needs to firmly surpass the $0.20 level. Renowned trader Rekt Capital suggested that the memecoin is currently undergoing a retesting phase at this level on a monthly timeframe. At the time of reporting, DOGE was trading at $0.19, marking a 3% decrease in a day.
Despite this, the primary asset has been performing relatively well on a weekly scale, while most memecoins are experiencing a downturn. For instance, dogwifhat (WIF) and BOOK OF MEME (BOME) have seen decreases of -9.2% and -21.5%, respectively. In contrast, DOGE and Shiba Inu (SHIB) have seen increases of 2.0% and 2.9%, respectively.
In related news, SHIB’s layer-2 scaling solution, Shibarium, has seen a significant increase in daily transactions, with over 75,000 transactions representing a 1,000% increase. Additionally, SHIB recorded an increase in its burn rate, with the burn rate soaring by over 300% at the start of the week, resulting in almost 100 million SHIB tokens being removed from circulation.