• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing the price of both cryptos to surge.
• According to a Blockchain Research Lab study, there is an average 3% price range after each of Elon Musk’s tweets.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872.
Elon Musk’s Tweet Causes Price Surge
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.“ Following this 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
According to a Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to their findings, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. Whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows as well.
New Feature Introduced by Twitter?
Some users believe that Musk’s tweet was simply expressing some new feature introduced to Twitter – Community Notes had posted earlier regarding giving people some extra context they might otherwise miss when replying or retweeting something: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked, or Retweeted – which could explain why he asked Fact Check him @CommunityNotes afterward as well!
24 Hour Movements
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0