• Elon Musk’s tweet caused Dogecoin to rise 6.6 percent and Shiba Inu to rise 2.5 percent.
• A study from Blockchain Research Lab revealed that there was an average of 3 percent price variation with each of the 47 tweets by Musk.
• The 24-hour move for Dogecoin ranged between $0.0832 and $0.0872, failing to break the key resistance level of $0.09 before retracement occurred.
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.“
Effect on Crypto Prices
According to Blockchain Research Lab’s study on Elon Musk’s influence on crypto prices, there was an average 3 percent range for each of his 47 events after a tweet. Following his recent tweet about “letting doge out”, both Dogecoin and Shiba Inu surged significantly – 6.6% and 2.5%, respectively – as users speculate what it could mean for crypto prices in general..
24-Hour Price Range
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 but could not test its key resistance level before recording its first retracement as seen on its chart data..
Community Notes Feature
Some users believe that Musk’s tweet was a mere expression of some new feature introduced to Twitter called Community Notes which informs users when Community Note starts showing up on Tweets they have replied to or Retweeted..
The study from Blockchain Research Lab reveals that Elon Musk has an interesting command over investors as his tweets usually cause large price spikes following by 45 minutes more smaller changes in prices when applied to cryptos like Dogecoin and Shiba Inu..