• Elon Musk recently sent out a tweet about Dogecoin (DOGE), causing a 6.6 percent surge and Shiba Inu by 2.5 percent.
• 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 for each of the 47 events after a tweet by Musk.
• 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, not able to test its key resistance level before recording its first retracement as seen in the chart.
Elon Musk’s Tweet Pumps Up Dogecoin
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.“
Effect Of Elon Musk On Crypto Prices
According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. The study found that there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. Furthermore, whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
Price Movement Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 without testing its key resistance level before recording its first retracement as seen in its chart data. This indicates that although DOGE had surged following Elon’s tweet, it wasn’t substantial enough for it to break through any major barriers yet or set new records at this time..
Shiba Inu Surges Too
Interestingly enough, Shiba Inu also surged marginally likely due to mention of „dogs“ being used in plural when referencing them in his post/joke/plug whatever it may have been intended for! Following his tweet both DOGE and SHIB rose substantially – 6% & 2% respectively – showing just how much influence one single person can have over markets like these!
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