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• Elon Musk recently tweeted about Dogecoin and Shiba Inu, prompting a 6.6% and 2.5% surge in their prices respectively.
• According to a Blockchain Research Lab study, there has been an average of 3% price increase after each of the 47 events following a tweet from Musk.
• 24-hour Dogecoin prices range between $0.0832 and $0.0872 with a potential for further growth if it can break the key resistance level at $0.09.
Elon Musk’s Influence on Crypto
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors that causes an increase in the price of the meme coin in the last 24 hours. He recently 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.“ The interesting twist is that Shiba Inu also surged marginally, probably because of Musk’s mention of „dogs“ in plural words.
Blockchain Research Lab Study
According to a Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos, 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 another 45-minute price spike that follows accordingly as per this study’s observation.
Dogecoin Price Movement
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 which shows that although there has been a surge but not substantial enough yet as it couldn’t test its key resistance level at $0.09 before recording its first retracement as seen in its chart data analysis over these 24 hours period before stabilizing eventually..
New Feature Introduced To Twitter?
Some users believe that Musk’s tweet was a mere expression of some new feature introduced to Twitter; Community Notes posted „Starting today, you’ll get a heads-up if a Community Note starts showing on Tweet you’ve replied to, Liked or Retweeted“. This helps give people extra context they might otherwise miss with this new feature being announced by them just prior to Elon’s post..
Conclusion
Overall, it is clear from all these observations that Elon Musk commands quite some influence over investors when it comes to cryptocurrencies like Dogecoin & Shiba Inu whose prices surged significantly due to his latest tweets regarding them both even though he sought to show his interest only in one cryptocurrency initially..
