• Elon Musk’s tweet sent Dogecoin and Shiba Inu prices surging by 6.6 percent and 2.5 percent respectively.
• According to a Blockchain Research Lab study, there is an average 3 percent price surge 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 at $0.09 before recording its first retracement as seen in the chart.
Dogecoin & Shiba Inu Prices Surge After Elon Musk Tweet
Elon Musk’s recent tweet caused a fair increase in the price of Dogecoin (Doge) and Shiba Inu in the last 24 hours. The Twitter CEO posted an apparent joke that read „High time I confessed I let the Doge out“ with an image attached saying „It was me, I let the dogs out,“ followed by another tweet where he wrote „Fact check me @CommunityNotes.“ This triggered speculations among investors which led to a 6.6 percent surge in Dogecoin and 2.5 percent for Shiba Inu respectively.
Elon Musk’s Influence on Cryptocurrencies
A Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors as there was a price range of about 3 percent on average for each of the 47 events after a tweet by him. Whenever there is an immediate and large spike in price, there is also another 45-minute price spike that follows according to their findings from research data gathered over time.
Dogecoin 24 Hour Price Movement
The 24-hour movement of Dogecoin has been within the ranges of $0.0832 and $0