- Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a sharp increase in the price of both coins.
- The Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos showed an average price range of 3 percent for each tweet.
- Dogecoin responded to Elon Musk’s tweet with a 6.6 percent surge, while Shiba Inu saw a 2.5 percent increase.
Dogecoin Pumped Hard After Elon Musk 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, he Tweeted: „High time I confessed I let the Doge out.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
Musk’s Influence on Dogecoin Price
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.
Price Movements After Tweet
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872. From its 24-hour price data, it can be realized that the price surge was not substantial as the asset could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.