• Elon Musk recently tweeted about Dogecoin (DOGE) and Shiba Inu which caused the prices of both assets to surge.
• According to a Blockchain Research Lab study, there is an average 3 percent price range for each of the 47 events after a tweet by Musk.
• Following his tweet, Dogecoin responded with a 6.6 percent increase while Shiba Inu surged by 2.5 percent.
Elon Musk’s Influence on 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. According to a Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos, there was an average 3 percent price range for each of the 47 events after a tweet by Musk. Following his most recent tweet, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent.
Musk’s Tweet
In what 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.“ Some users believe that this could have been referring to some new feature introduced to Twitter as Community Notes posted that they would be giving people extra context on any tweets they liked or retweeted from then onwards.
45-Minute Price Spike
The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows afterwards. The 24-hour move of Dogecoin has been within ranges of $0.0832 and $0.0872 and it did not test its key resistance level at $0.09 before recording its first retracement as seen in its chart data.
DogeCoin Price Range After Tweet
Before Elon Musk’s most recent tweet about DOGE and SHIB, their respective prices were around $0.0787 and $1 respectively but following his tweet their prices have risen significantly; DOGE rose by 6..6% while SHIB rose by 2..5%. This indicates that Elon Musks tweets have considerable influence over DOGE and SHIB investors as well as their respective prices in market trends
Conclusion
Overall it can be concluded that when it comes to cryptocurrency investments such as DOGE and SHIB ,the influence of Silicon Valley mogul Elon musk cannot go unnoticed . His tweets are often seen having significant effects on these crypto assets’s prices; hence traders must always remain vigilant when monitoring their investments
