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Over the weekend, Tesla CEO Elon Musk captured the attention of the Dogecoin community with a tweet indirectly alluding to Dogecoin. Musk tweeted, "Department of Government Efficiency," which can be conveniently abbreviated to "DOGE." This tweet was quickly spotted by the Dogecoin community.
Dogecoin's graphic designer, known as "Dogedesigner" on X, seized the moment to create a meme referencing Musk's tweet. An image that bore a photoshopped meme of Musk from the movie "The Lion King," which shows Musk as Rafiki, the old baboon holding up Simba, which symbolizes Dogecoin here, alongside the acronym DOGE, was shared by the Dogecoin designer.
Tomiwabold OlajideThe meme cleverly played on the idea of Musk's tweet about the "Department of Government Efficiency," being abbreviated to DOGE, and the broader Dogecoin community's lighthearted approach to the tweet.
In 2021, Musk initially shared this meme, with "The Lion King" as its theme, something the "Dogedesigner" brought back to life.
The meme from the Dogecoin designer quickly caught Musk’s attention, prompting a playful response from the billionaire. Musk responded, saying, "Naturally, our official mascot will be the Doge," reinforcing his connection to the famed Shiba Inu dog that embodies Dogecoin.
Dogecoin price action
At the time of writing, DOGE was up 2.2% in the last 24 hours to $0.097. On Sept. 6, Dogecoin bounced off the $0.089 support and has continued to advance, with the cryptocurrency on course for its third straight day of gains.
To signify a return, buyers must push the price above the downtrend line and keep it there. Dogecoin may then rise to $0.14, signaling the start of a potential uptrend. If this level is crossed, the rally may reach $0.18.
Bears, on the other hand, will attempt to enhance their position by driving the price below $0.09. If they can pull it off, it will herald the return of the bears. Dogecoin may fall below $0.08, and then to the support line of the falling wedge pattern.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team