• Elon Musk tweeted about Dogecoin, causing its price to surge by 6.6 percent and Shiba Inu by 2.5 percent.
• According to a Blockchain Research Lab study, there was an average 3 percent price range on each of the 47 events after a tweet by Musk.
• Every time there is a sharp spike in the price of Dogecoin, there is another 45-minute price spike that follows.
Elon Musk Tweets About Dogecoin
Twitter CEO Elon Musk has recently sent out a tweet about Dogecoin (Doge). The post triggered speculations among investors and caused the meme coin’s price to rise by 6.6 percent, with Shiba Inu also increasing by 2.5 percent.
Dogecoin Price Spikes After Elon Musk Tweet
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 since the tweet was released, however it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Musk’s Influence on Crypto Prices
According to a Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos, there was an average 3 percent increase in prices for each of the 47 events after his tweets were posted. Moreover, whenever there is an immediate and large spike in prices, there is another 45-minute price surge that follows soon after.
Fact Check From Community Notes?
In response to his post about Dogecoin, Elon Musk tweeted „Fact check me @CommunityNotes“. This could be related to some new feature introduced on Twitter where people receive a heads up if Community Notes start showing up on their replies or retweets; giving them extra context they might otherwise miss out on.
This article discussed how Elon Musk’s recent tweet about Dogecoin caused its prices to surge along with other cryptos such as Shiba Inu; emphasizing his strong influence over investors‘ decisions when it comes to crypto assets like these two coins