• Elon Musk recently tweeted about Dogecoin (DOGE) and Shiba Inu, causing a 6.6% and 2.5% increase in respective prices.
• According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was an average 3% price range on each of the 47 events after his tweet.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, with its key resistance level at $0.09.
Dogecoin Surge After Elon Musk’s Tweet
Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk came up with another tweet that caused 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, he 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.“
Impact Of Elon Musk On Crypto Prices
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. On average for each of 47 events after his tweet, there was a price range of about 3 percent. Whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows as revealed by this study.
Dogecoin Price Movement
The 24-hour move of Dogecoin has been within ranges set from $0.0832 to $0.0872 before recording its first retracement as seen in its chart . Its key resistance level stands at $0