• Elon Musk recently tweeted about Dogecoin (DOGE) which triggered speculation among investors and caused the price to surge by 6.6 percent, with Shiba Inu also increasing by 2.5 percent.
• According to a study done by Blockchain Research Lab, there is an average of 3 percent price range when Musk tweets something related to crypto.
• 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.
Dogecoin Price Surges After Elon Musk’s Tweet
Elon Musk’s tweet sent Dogecoin rising by 6.6 percent, and Shiba Inu by 2.5 percent after speculations among investors were triggered due to his post on Twitter about the meme coin.
Musk Influences Crypto Prices
According to a study conducted by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptos, there was an average of 3 percent price range for each of the 47 events after a tweet from him was posted. It was also observed that whenever there is an immediate and large spike in price, another 45-minute price spike follows suit soon afterwards.
24-Hour Price Movements
The 24-hour movement of Dogecoin has been within the ranges of $0.0832 and $0.0872 but failed to reach its key resistance level at $0.09 before experiencing its first retracement as seen in the chart.
Fact Check Request
Musk followed up his initial tweet with another one where he wrote „Fact check me @CommunityNotes“. This could be linked to some new feature introduced by Twitter which allows users to get extra context if they have replied or retweeted a note from Community Notes without having read it properly previously .
It appears that Elon Musk has become an integral part in influencing crypto prices as evident from his recent tweet about Dogecoin which caused its prices to surge considerably along with Shiba Inu’s too . The 24 hour movements can also be used as evidence for this fact as well as other studies that have been done on this topic previously .