• Elon Musk’s Twitter post caused Dogecoin and Shiba Inu to rise by 6.6% and 2.5%, respectively.
• A Blockchain Research Lab study showed that each of the 47 events after a tweet by Musk had an average price range of about 3%.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, but it could not test its key resistance level before retracement.
Elon Musk’s Influence on Crypto Prices
Twitter CEO Elon Musk has made several moves that have triggered speculations among investors, causing a price surge in Dogecoin (Doge). His most recent tweet caused Dogecoin to increase by 6.6 percent, while Shiba Inu rose by 2.5 percent.
The Effect of Elon Musk’s Moves
A Blockchain Research Lab study was conducted to examine the effect of Elon Musk’s tweets on cryptocurrencies prices, which revealed an average price range of about 3 percent for all 47 events after his tweets were posted.
Dogecoin Price Movement
The 24-hour movement of Dogecoin has been between $0.0832 and $0.0872 but failed to reach its key resistance level before retracement occurred.
Context Behind Elon Musk’s Tweet
Some users believed that Elon Musk’s recent tweet was simply meant to express his interest in meme coins or as a joke; however, others assumed it was in reference to a new feature Twitter recently released called Community Notes which provides additional context for posts people have replied to, liked or retweeted.
Elon Musk has proven himself to have a significant influence over crypto prices with his tweets triggering speculation among investors and causing significant surges in both Dogecoin and Shiba Inu prices