• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a surge in their prices.
• A study by Blockchain Research Lab showed that there is an average 3 percent price range after each of Musk’s 47 tweets.
• The 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872, with its key resistance level at $0.09.
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.
Musk’s Recent Tweet
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.“ The interesting twist about this is that Shiba Inu has also surged marginally, probably because of Musk’s mention of „dogs“ in the plural.
Following the tweet, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent. Before Musk’s tweet, Community Notes posted that they would give people extra context if they liked or retweeted something from them which some users believe could be connected to why he sought to show his interest in DOGE with his latest tweet.
Average Price Range After Each Tweet
Blockchain Research Lab’s study also reveals that whenever there is an immediate and large spike in price due to one of his tweets, there is usually another 45-minute price spike that follows it afterward – this could be attributed as investors reacting further to what he says online about various cryptos including DOGE and SHIB tokens respectively..
24 Hour Movements
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 but it did not manage to test its key resistance level at $0