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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.<\/p>\n
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 $0.20 range.<\/p>\n
\nDogecoin is looking for a new yearly high!$DOGE is currently up by more than 10% in the last 30 days. To continue this trend and move to new highs, Dogecoin needs to solidly break the $0.20 level, where 32k addresses hold 3.78B $DOGE at a loss. pic.twitter.com\/oFTaZ1FOEn<\/p>\n
\u2014 IntoTheBlock (@intotheblock) April 9, 2024<\/p>\n<\/blockquote>\n
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.<\/p>\n
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.<\/p>\n
Meanwhile, DOGE and Shiba Inu (SHIB) are up 2.0% and 2.9%, respectively. On that topic, SHIB\u2019s layer-2 scaling solution, Shibarium, has experienced a significant increase in daily transactions, over 75,000, representing a 1,000% increase.<\/p>\n
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\u2014almost 100 million SHIB tokens were removed from circulation.<\/p>\n
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