• Elon Musk recently tweeted about Dogecoin (DOGE) and Shiba Inu, causing their prices to increase.
• A study by Blockchain Research Lab shows that after each of Musk’s 47 tweets, there has been an average price range of 3 percent.
• The 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872, but could not break the key resistance level of $0.09 before retracing.
Elon Musk Tweets About Dogecoin
Twitter CEO Elon Musk has recently sent out a tweet that is believed to be an apparent joke, which caused a fair increase in the price of the meme coin in the last 24 hours. In his tweet he said „High time I confessed I let the Doge out“ with an image attached to it with the inscription „It was me, I let the dogs out.“ He followed up with another tweet saying „Fact check me @CommunityNotes.“
Dogecoin and Shiba Inu Price Surge
The interesting twist about this is that Shiba Inu also surged marginally, probably because of Musk’s mention of „dogs“ in the plural. Following his tweets, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent.
Blockchain Research Lab Study on Elon Musk’s Influence on Crypto Prices
According to a study done by Blockchain Research Lab on how much influence Elon Musk has over crypto investors, there was an average price range of 3 percent per event after each one of his 47 tweets were sent out. It further observed that whenever there is an immediate and large spike in price, there would be another 45-minute price spike that follows it as well.
24-Hour Movements Of Dogecoin
The 24-hour movement for Dogecoin had been within the ranges of $0.0832 and $0.0872 but could not break its key resistance level at $0.09 before retracing back down again as seen in its charting data from CoinMarketCap .