Summary:
• Elon Musk recently caused a Dogecoin and Shiba Inu price surge with a tweet.
• According to the Blockchain Research Lab study, there was an average 3% price increase for each of Elon Musk’s 47 events on crypto.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872.
Elon Musk’s Influence on Cryptocurrency Price
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, 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.“ Following this tweet, there was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
The interesting twist about this is that Shiba Inu has also surged marginally, probably because of Musk’s mention of „dogs“ in the plural. Following the tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent. Before Musk’s tweet, Twitter account Community Notes posted that they will give users heads-up when their Tweets are liked or retweeted so they can get extra context they might otherwise miss..
Blockchain Research Lab Study
Blockchain Research Lab’s study on effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to this study, there was an average 3% price range for each of 47 events after a tweet by him and whenever there is an immediate and large spike in price; there is another 45-minute price spike that follows it as well.
24 Hour Move of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 from its 24-hour price data but it could not test its key resistance level before recording its first retracement as seen in its chart .
Conclusion
From this article it can be concluded that Elon Musks tweets have great influence over cryptocurrency prices and any news regarding them cause significant changes in their market value as seen through his recent tweets about Letting The Dogs Out which caused dogecoins prices surge significantly
