The last couple of days has been quite interesting for Dogecoin [DOGE]. The largest meme coin was able to brush aside its consolidation phase and enter into an uptrend. Over the course of Sunday and Monday, this coin managed to notch up by 15% in valuation. In effect, DOGE managed to reclaim the $22 billion market cap after a period of nearly three weeks.
Doge’s Monday was devoid of ‘blues’
As DOGE was rallying on Monday, Elon Musk, the self-proclaimed Dogefather, used the opportunity to resurface the post of a meme on Twitter that he had made exactly a year before.
The image was of a photoshopped scene from Walt Disney Co’s 1994 version of The Lion King that featured Musk holding up Kiss bassist Gene Simmons who was holding Snoop Dogg who, in turn, was seen hoisting a Shiba-Inu dog breed into the air. Musk, an ardent Dogecoin proponent, brought the image to the top of his Twitter timeline by commenting under it with laughing emoji.
As a result, people from the community got excited and got talking about the same on social media. As anticipated, the social volume with respect to DOGE has been on the rise. With over 77.7k tweets, #doge was seen trending on Twitter at press time.
Additionally, quite recently, Dogecoin’s was back in the crypto spotlight for a couple of reasons. Its official Twitter handle surpassed the 3 million benchmark in terms of the number of followers. Further, the coin also crossed the 500,000 HODLer mark on 6 February. All these datasets, in conjunction, are indicative of Dogecoin’s community strength.
Will Dogecoin be able to #KTGFFH?
Well, that depends on the timeframe you’re looking at. On the price chart, Dogecoin seemed to be engulfed within the cup and handle pattern at press time. Now, even though this setup is typically considered to be bullish, it should be noted that Dogecoin has just entered into the handle’s arena.
So, if the sanctity of the pattern were to be maintained, DOGE would first glide down over the next couple of days. Only after it winds up its correction, would the door for it to rally open.
Also, Dogecoin’s weekly price trend has more or less been similar to that of Shiba Inu. So, as long as the sentiment in the broader meme-coin market is positive, not much would be able to hinder Dogecoin from striding forward.
