• Elon Musk recently tweeted about his interest in Dogecoin (Doge) and Shiba Inu, causing slight price increases for both coins.
• The Blockchain Research Lab study found that there was an average 3 percent price range for each of the 47 events after a tweet by Musk.
• A follow-up tweet asked fact-checkers to look into the matter, indicating that it may have been related to a new Twitter feature.
Elon Musk’s Tweet
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. 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“.
Price Increase After Tweet
Following the tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent. Before Musk’s tweet, the Twitter account of Community Notes posted that: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked or Retweeted. This helps give people extra context that they might otherwise miss.
Blockchain Research Lab Study
According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to their study, there was an average 3 percent price range for each of the 47 events after one of his tweets. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike following shortly afterwards.
24 Hour Price Movements
The 24-hour move of Dogecoin has been within ranges of $0.0832 and $0.0872 which shows that although its prices rose due to Musk’s tweets it did not manage to test its key resistance level which stands at $0.09 before experiencing retracement as seen in its chart data analysis results available online..
Conclusion
Elon Musk appears to have some influence over investor behavior when it comes to cryptocurrencies like Dogecoin and Shiba Inu as evidenced by their respective rises following his recent tweets about them as well as findings from Blockchain Research Lab’s study which showed average 3% increases for each event associated with him tweeting about these specific digital assets