• Elon Musk recently tweeted about Dogecoin, causing a 6.6% surge in its price and a 2.5% surge in Shiba Inu.
• According to Blockchain Research Lab’s study, there was an average 3% price range on each of the 47 events after a tweet by Musk.
• Following the tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent.
Elon Musk’s Influence on Crypto Prices
Twitter CEO Elon Musk has recently been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. A recent tweet from him caused a fair increase in the price of the meme coin in the last 24 hours. According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos, there was an average 3% price range for each of the 47 events after his tweets.
Musk’s Recent Tweet about Dogecoin
In what is believed to be an apparent joke, Elon Musk recently 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“ and another follow-up tweet where he wrote „Fact check me @CommunityNotes.“ Interestingly enough, Shiba Inu also surged marginally probably because of Musk’s mention of „dogs“ in plural form.
Price Surge After Tweet
Following his tweet, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent within 24 hours before retracing slightly back down again as seen in its chart data over that period which ranged between $0.0832 and $0.0872 but failed to break key resistance level of $0.09 before recording its first retracement .
New Feature From Twitter?
Some users believe that this tweet could have been meant as an expression for some new feature introduced by Twitter itself as Community Notes had posted earlier that day regarding giving people extra context when they reply or retweet something they like or have already replied to previously on their platform..
Conclusion
Elon Musk appears to have quite impressive command over crypto investors as evidenced by his influence on prices whenever he tweets about it and thus making it important for investors to pay attention to any news related from him concerning cryptocurrencies such as DogeCoin and Shiba Inu .