• Elon Musk recently tweeted about Dogecoin, sending the price of the meme coin up by 6.6 percent and Shiba Inu by 2.5 percent.
• According to a study on the effect of Elon Musk’s moves on crypto, there was an average price range of 3 percent on each of the 47 events after a tweet from him.
• 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 before recording its first retracement.
Elon Musk’s Influence On Dogecoin 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 came up with another tweet that caused a fair increase in the price of the meme coin in the last 24 hours.
Dogecoin And Shiba Inu’s Response To Tweet
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.“ As a result, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent as well.
Blockchain Research Lab Study
According to Blockchain Research Lab’s study on Elon Musk’s influence on cryptos discloses that he has an interesting command over investors – with an average price range of 3 percent for each event after one of his tweets. Additionally, whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows shortly afterward.
24-Hour Move Of Dogecoin
The 24-hour move of Dogecoin has been within ranges between $0.0832 and $0.0872 but could not test its key resistance level before recording its first retracement as seen in its chart data analysis below:
Conclusion
Despite some Twitter users believing that Musk’s tweet was expression towards some new feature introduced to Twitter rather than interest in meme coins – it is clear that he has substantial influence over prices when it comes to crypto assets such as DOGE and SHIB tokens alike!