If white supremacists keep saying the phrase "googly moogly" to each other and to others; as a way to identify themselves as alt-right, and push it over and over again, it becomes a dogwhistle.
It doesn't matter that minus context, "googly moogly" doesn't mean anything. "Those stupid libs are saying 'googly moogly is racist now! look how far the left has gone! bunch of snowflakes"
This is how dogwhistles literally work, and you have to engage with my point about dogwhistles or else you are simplying not having the conversation at all, you are arguing from a point that has no context or meaning.
It's more important exactly who is using the phrase and why, than what the phrase is.