Dogecoin Price Tries to Breakout Upward! Doge Community Indulge in a Meme Fest

Following Elon Musk’s reaffirmation at “The B Word” event all the top crypto’s saw a surge in value. Dogecoin too followed suit of course, as it saw a rapid surge and reached the $0.20 level. 

However, it has failed to trigger the price upwards and is now trading sideways. 

Doge is trading in the $0.189530 to $0.196841 24 high- low range. As it is trying to push further, the 20 and 200-DMA lines pose a barrier. If the token manages to rise above the line, a possibility of bullish momentum will be established.

At the time of writing, DOGE Price is trading at $0.91, up by 1.2% in the last 24 hours. If the price dips from here, support levels are at $0.1780 and $0.1610. In case of an uptrend, the resistance levels are at $0.215 and $0.250

Also, The Relative Strenght Index and MACD both indicate a bullish signal for Dogecoin. The RSI is attempting to recover after reaching the oversold zone and is presently headed upward.

Doge Community is as engaged as ever on Twitter, this time it’s not fueled by Elon Musk though. Dogecoin Co-Creator Billy Markus has pursued people to make funny memes on Dogecoin and coined an event called “Low Effort Meme Day”

My last entry for #LowEffortMemeDay

The goal of this is to get more of the Dogecoin community making memes and show how easy it is to make them.

Memes are more than silliness – they are a way to get a message across succinctly and memorably.

Memes are powerful if used well. pic.twitter.com/xMNpO1qNv8

— Shibetoshi Nakamoto (@BillyM2k) July 22, 2021

Many Doge fanatics participated and give in their best lousy meme entries. Here are some exhibits. 

Billy Markus also tweeted an EZ Flow chart depicting the success of Dogecoin

EZ Flowchart:

Community that is cool and engaged regardless of price -> Doge brand stays relevant and powerful -> Companies continue to engage -> Viral power continues -> Utility increases from adoption -> Contributors keep contributing -> Future 👍

Lame community -> Future 👎

— Shibetoshi Nakamoto (@BillyM2k) July 23, 2021

Markus mentions the vitals behind Dogecoin’s success, i.e its strong and cool community, the viral power vested by the Dogefather Musk, its usefulness, and branding.

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