Dogecoin Rockets 6.6% After Elon Musk’s Crypto Tweet Frenzy
• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a 6.6 percent and 2.5 percent surge respectively in their prices
• A study by Blockchain Research Lab shows that there is an average 3 percent price range after each of Musk’s tweets
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, however it was unable to test its key resistance level of $0.09
Dogecoin Pumps as Elon Musk Advertises DOGE on Twitter
Musk’s Tweet Causes Price Surge
Elon Musk’s recent tweet sent Dogecoin rising by 6.6 percent, and Shiba Inu by 2.5 percent. According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average on each of the 47 events after a tweet by Musk.
Fact Check Requested by Musk
The latest tweet from Elon Musk caused speculations among investors due to its apparent joke nature with an image attached to it 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.“
Price Response From Dogecoin and Shiba Inu
Following this tweet, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent too. Before this tweet from Elon Musk, Community Notes posted that: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked or Retweeted – helping give people extra context they might otherwise miss.
Effect of Elon Musks Moves On Crypto Prices
Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors; with an average 3 percent price range for each of his tweets being observed in all 47 events studied in relation to his tweets . Additionally , whenever there is an immediate and large spike in price , there is another 45-minute price spike that follows .
The 24-hour move of Dogecoin has been within the ranges of $0