• Elon Musk’s latest tweet about Dogecoin has caused a 6.6 percent surge in its price and a 2.5 percent surge in Shiba Inu.
• According to the Blockchain Research Lab study, there is an average of 3 percent price range for 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, however it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Dogecoin Pumps Hard After Elon Musk Tweets
Elon Musk’s recent Tweet sent Dogecoin (Doge) rising by 6.6 percent and Shiba Inu rising by 2.5 percent according to Blockchain Research Lab study on the effect of his moves on crypto prices. On February 22, 2023, Musk tweeted: „High time I confessed I let the Doge out,“ with an image attached showing „It was me, I let the dogs out.“ He followed up with another tweet asking people to „Fact check me @CommunityNotes“ which some believe was related to a new feature introduced by Twitter rather than any interest in Dogecoin itself.
Musk’s Influence on Crypto Prices
The Blockchain Research Lab study revealed that for each of 47 events after a tweet from Musk there was an average price range increase of 3 percent across all cryptos involved – suggesting that he commands considerable influence among investors when it comes to crypto prices movements.. Additionally, whenever there is an immediate and large spike in price it is usually followed 45 minutes later by another price spike according to this research data.
Dogecoin Price Movements
Dogecoins 24-hour move has been within the ranges of $0.0832 and $0.0872 but it failed to test its key resistance level of $0.09 before recording its first retracement as seen on the chart,.
Elon Musks tweets have once again sparked speculation among investors causing a significant increase in both the price of DOGE and SHIB tokens and proving his influence over crypto markets more generally.. Going forward we will be watching closely how this plays out on markets especially if he continues tweeting about DOGE or other cryptos!
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