• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing their prices to rise by 6.6% and 2.5%, respectively.
• According to the Blockchain Research Lab study, there was an average of 3 percent price surge in each of the 47 events after a tweet by Musk.
• Dogecoin’s 24-hour move has been within the ranges of $0.0832 and $0.0872, with its first retracement seen at the key resistance level of $0.09.
Impact of Elon Musk’s Tweet on Crypto Prices
Elon Musk’s tweet sent Dogecoin rising by 6.6 percent, and Shiba Inu by 2.5 percent according to a study conducted by Blockchain Research Lab on the effect of Elon Musk’s moves on crypto prices. The study found that there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk and that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows it.
Musk’s Tweet About Dogecoin
Twitter CEO Elon Musk recently came up with another tweet regarding Dogecoin which caused a fair increase in its price over the last 24 hours. He posted „High time I confessed I let the Doge out“ along with an image which had the inscription „It was me, I let the dogs out“. This statement is believed to be an apparent joke but it shows his interest in the meme coin as he followed it up with another tweet asking people to „Fact check him @CommunityNotes“.
Dogecoin’s 24-Hour Move
Dogecoin responded positively to this tweet as its price rose sharply by 6.6%. Interestingly, Shiba Inu also surged marginally because of Musk’s mention of „dogs“ in plural form in his follow-up tweet. From its 24-hour price data, it can be realized that even though Dogecoin responded positively to this news, its first retracement was seen at its key resistance level which is $0.09 per coin currently holding around $0.0872 per coin at press time..
New Twitter Feature?
Before Elon’s tweets about Dogecoin, Community Notes posted that they have started giving users heads up if a Community Note starts showing on any Tweet they have replied to or liked or retweeted from now onward so as to give more context those who would otherwise miss them out due to various reasons such as not being able follow updates regularly etcetera. Some investors believe that this new feature introduction might have prompted Elon Musk’s interest towards meme coins like DOGE & SHIB via his jokes which led him to post those tweets eventually increasing their respective token values significantly over short periods following these tweets‘ publication & circulation among crypto community members & observers alike..
In conclusion, It can be observed that despite all odds against meme coins like DOGE & SHIB , They seem unaffected when coming across potential catalysts such as tweets from influential figures like Tesla CEO – Elon musk himself , And thereby proving themselves worthy investments for long term holders & short term traders alike .