• Elon Musk’s recent tweet caused a surge in Dogecoin and Shiba Inu prices.
• Blockchain Research Lab studied the effect of Elon Musk’s moves on crypto, showing an average price range of 3 percent after each of his 47 tweets.
• The 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872, unable to break the key resistance level of $0.09 before retracement occurred.
Elon Musk Boosts Dogecoin 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.
Effect Of Musk’s Tweets On Crypto
According to a study by Blockchain Research Lab 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. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
Musk’s Latest Tweet On Dogecoin
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.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent.
24-Hour Move Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 as it could not test its key resistance level of $0.09 before recording its first retracement as seen in related charts and graphs online..
Elon Musk’s influence on cryptos cannot be denied as he seems to have command over investors‘ sentiments when it comes to digital assets such as Dogecoin and Shiba Inu which both surged following his latest tweets about them – revealing how influential he can be when it comes to digital asset prices!