• Elon Musk recently Tweeted an image with a message related to Dogecoin, which resulted in a 6.6 percent surge in its price.
• Shiba Inu also experienced a 2.5 percent increase due to Musk’s mention of „dogs“ in the plural.
• According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk.
Dogecoin Prices Increase Following Elon Musk Tweet
Elon Musk’s recent tweet sent Dogecoin rising by 6.6 percent, and Shiba Inu by 2.5 percent. The Twitter CEO has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors.
Musk’s Post Jokingly References „Letting the Doge Out“
In what is believed to be an apparent joke, Musk tweeted: „High time I confessed I let the Doge out.“ He then followed up with another tweet that read: „Fact check me @CommunityNotes.“ This caused a fair increase in the price of the meme coin in the last 24 hours.
Impact of Elon Musk’s Tweets On Crypto Prices
According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
24-Hour Price Movements Of Dogecoin And Shiba Inu
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 before recording its first retracement as seen in its chart data.. Meanwhile, Shiba Inu surged marginally probably because it was mentioned alongside doges in plural by Mr Musks‘ post above
Elon Musks‘ tweets have had significant impacts on cryptocurrencies prices as evidenced by his influence over investor decisions and movements within markets, causing drastic changes at times such as when he posted regarding doges and shibas recently