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• Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors.
• Just recently, Musk tweeted an image with the caption “It was me, I let the dogs out”, which caused a 6.6% increase in Dogecoin and a 2.5% increase in Shiba Inu prices.
• The Blockchain Research Lab study on the effect of Musk’s moves on crypto showed that there was a 3% average price range for each of the 47 events after his tweet.
Musk’s Tweet
Recently, Elon Musk made a joke about letting loose the doges when he posted an image with the caption „It was me, I let the doges out“ on Twitter. This tweet caused Dogecoin to surge by 6.6 percent and Shiba Inu by 2.5 percent as well. After this tweet, Musk followed up with another one where he wrote „Fact check me @CommunityNotes.“
Blockchain Research Lab Study
The Blockchain Research Lab conducted a study on the effect of Elon Musk’s moves on crypto and discovered that for each of his 47 tweets there was an average price range of 3%. Additionally, whenever there is an immediate and large spike in price, it is usually followed by another 45-minute price spike afterwords.
Dogecoin Price Movements
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 following Elon’s tweet which implies that while it did experience some upward momentum, it could not break its key resistance level at $0.09 before experiencing its first retracement as seen in its chart data.
Conclusion
Elon Musk seems to have quite an influence over investors as evidenced by his tweets causing such large fluctuations in many cryptocurrencies‘ prices including Dogecoin and Shiba Inu coins specifically.