- Elon Musk tweeted about Dogecoin and Shiba Inu, causing the prices of both cryptos to rise.
- According to a Blockchain Research Lab study, Musk’s tweets have an average effect on crypto prices of around 3 percent.
- Dogecoin’s 24-hour price movement has been within the range of $0.0832 and $0.0872 but could not test its resistance level of $0.09 before recording a retracement.
Elon Musk’s Influence on Crypto Prices
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk.
Dogecoin & Shiba Inu Price Surge
In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“ As expected following such influential tweets from him, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent as well. Furthermore, there was also a 45-minute price spike that followed immediately after this initial surge according to Blockchain Research Lab’s research findings.
Fact check me @CommunityNotes
Musk further asked people to “Fact check me @ CommunityNotes” in another follow-up tweet which made some users believe that he was referring to some new feature introduced by Twitter rather than having any particular interest in Dogecoin or Shiba Inu coin specifically. This move might have caused more speculation leading up to these two coins pumps over other cryptos available today.
24 Hour Movement Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0