• Elon Musk recently tweeted about Dogecoin, causing a price increase.
• Shiba Inu also saw a 2.5 percent surge due to the mention of „dogs“ in the plural.
• According to Blockchain Research Lab study, Musk has an interesting command over crypto investors with each tweet having an average 3% effect on price.
Elon Musk’s Tweet Pumps Dogecoin Price
Elon Musk recently posted a tweet that sent Dogecoin (Doge) rising by 6.6 percent and Shiba Inu by 2.5 percent. This is believed to be caused by speculations among investors that were triggered by his post which included a joke and a follow-up tweet seeking confirmation from Community Notes Twitter account.
Blockchain Research Lab Study
According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos, there was an average 3 percent price range for each of the 47 events after his tweets. Furthermore, it was observed that whenever there is an immediate and large spike in price, there will be another 45-minute price spike following it.
Dogecoin 24 Hour Price Data
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 with key resistance level at $0.09 not being tested yet before retracing back down again..
Musk’s Influence On Crypto Investors
It is clear that Elon Musk has great influence over crypto investors as he can cause huge fluctuations in prices just by sending out one single tweet or post on social media platforms such as Twitter or Instagram respectively..
To conclude, it is evident that Elon Musk has incredible power when it comes to affecting prices of cryptocurrencies like Dogecoin or even other coins such as Shiba Inu due to his influence over crypto investors which has been studied extensively in research labs across the world.