More Dogecoin (CRYPTO: DOGE) holders appear to have abandoned ship as the meme-based cryptocurrency fell to $0.12.
What Happened: According to data from IntoTheBlock, the majority of on-chain signals painted a bearish picture for DOGE.
Net network growth, a momentum signal that indicates the true growth of a token’s underlying network, was down 0.16% over the week.
Data also showed that 40,000 DOGE holders had exited their positions.
The number of people still making money on their DOGE investments was around 56% of the meme coins holders. This figure was down 8.46% over the last seven days.
See Also: IS DOGECOIN A GOOD INVESTMENT?
Last month, DOGE saw a significant single-day rally after news that Tesla Inc (NASDAQ:TSLA) CEO Elon Musk had acquired Twitter Inc (NYSE:TWTR). The coin’s price action has since been muted and was trading at $0.12 late on Tuesday.
Earlier this week, Benzinga’s Melanie Schaffer noted that DOGE has been trading in a sleepy sideways pattern within a 1-cent range consolidation. The meme coin’s immediate resistance levels are above $0.135 and $0.146 while it can expect to find support at the $0.10 mark.
