• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a 6.6% increase in the price of Dogecoin and a 2.5% increase in the price of Shiba Inu.
• According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on crypto, there was an average 3 percent range seen after each of his 47 tweets related to crypto.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, however it could not test its key resistance level before recording its first retracement.
Elon Musk’s Tweet
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. 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.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
Musk’s Influence on Crypto Prices
According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to the study, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
Dogecoin Price Movement
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0