• Elon Musk recently tweeted about Dogecoin, causing a 6.6 percent surge in its price and a 2.5 percent surge in Shiba Inu’s price.
• According to the Blockchain Research Lab study, there is an average 3 percent price range on each of the 47 events after a tweet by Musk.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, but it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Elon Musk’s Tweet
Twitter CEO Elon Musk has triggered speculations among investors with his tweets which have caused a fair increase in the price of meme coin Dogecoin (Doge) in the last 24 hours. In what appears to be a 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.“
Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent following this tweet from Musk. It is believed that some users think that this tweet may be an expression of some new feature introduced to Twitter; however, he sought to show his interest in the meme coin nonetheless through his tweets and posts on social media platforms like Twitter and Instagram.
Blockchain Research Lab Study
Blockchain Research Lab’s study on Elon Musk’s effect on cryptos discloses that he has an interesting command over investors as there is usually an average 3 percent price range for each of the 47 events after one of his tweets or posts about them online. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows shortly afterwards – quite indicative of how influential he can be when it comes to crypto prices!
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0