• Elon Musk’s tweet caused Dogecoin and Shiba Inu to surge by 6.6% and 2.5%, respectively.
• Blockchain Research Lab study observed that price range increases by 3% after a tweet from Musk.
• 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872, not testing its key resistance level of $0.09 before retracing.
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.
Recent Tweet Causes Price Surge
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.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
Effect on Price Range
According to 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 study, there was a price range of about 3 percent on average for each of 47 events after a tweet by Musk.
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0