• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a surge in their prices.
• According to the Blockchain Research Lab study, Musk’s tweets have caused an average of 3 percent price range for each of the 47 events.
• The 24-hour move of Dogecoin has been within $0.0832 and $0.0872, however it could not reach its resistance level of $0.09 before retracement.
Dogecoin Pumped as Elon Musk Advertises DOGE
Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, he came up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours.
Effect Of Elon Musk’s Tweets On Crypto Prices
According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average on each of the 47 events after a tweet by Musk. Following his recent tweet, Dogecoin responded with a 6.6 percent sharp increase and Shiba Inu surged by 2.5 percent as well..
Twitter Introducing New Feature
Some users believe that Musk’s tweet was a mere expression of some new feature introduced to Twitter by Community Notes which will help give people extra context that they might otherwise miss when replying or retweeting something on Twitter.
24-Hour Move Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 and it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart below:
Conclusion
It is clear that Elon Musk holds an interesting command over investors whenever he tweets about different cryptos which causes immediate spikes in prices followed by another 45 minutes price spike as observed from Blockchain Research Lab’s study .