• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing the prices to surge.
• The Blockchain Research Lab study found that there was an average of 3 percent increase in price after a tweet by Musk.
• Dogecoin’s 24-hour move was within the ranges of $0.0832 and $0.0872, and it could not test its key resistance level of $0.09 before recording its first retracement.
Elon Musk’s Influence On Dogecoin Price
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Most recently, he posted a joke on Twitter along with an image which caused a fair increase in the price of this meme coin in the last 24 hours. According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was an average increase of 3 percent in price after each one of his 47 events in which he tweeted about cryptocurrencies.
Price Surge After Elon Musk’s Tweet
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.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase, while Shiba Inu surged by 2.5 percent as well due to Musk’s obvious interest in both coins.
New Feature On Twitter
Before Elon Musk’s tweet, Community Notes posted that they were introducing a new feature that would give people extra context when they replied to Tweets they liked or retweeted via notifications sent by Community Notes themselves – users believe that this is what triggered his remark and thus caused some confusion regarding whether or not he had actually made any statements referring to Dogecoin investments or not.
24-Hour Move Of Dogecoin
Dogecoin’s 24-hour move has been within the ranges of $0.0832 and $0