• Elon Musk recently tweeted about Dogecoin, causing the meme coin to jump by 6.6 percent and Shiba Inu to surge by 2.5 percent.
• According to a Blockchain Research Lab study, there was an average of 3 percent price range on each of the 47 events after a tweet from Musk.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, however it could not test its key resistance level of $0.09 before recording its first retracement.
Elon Musk’s Tweet Boosts Dogecoin Price
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Recently, Musk came up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. In a statement that is believed to be an apparent joke, Musk Tweeted: “High time I confessed I let the Doge out.“ This caused both Dogecoin and Shiba Inu prices to surge significantly due to his mention of „dogs“ in plural form in his follow-up tweet.
Blockchain Research Lab Study
A study conducted by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to this study, there was an average price range of 3 percent for each of the 47 events after one of his tweets were posted. The study further observed that whenever there was an immediate and large spike in price, there was another 45-minute price spike that followed shortly thereafter.
Dogecoin Price Movement
The 24-hour move for Dogecoin has been within the ranges of $0.0832 and $0.0872 before it recorded its first retracement as seen on its chart data analysis; however this did not stop it from testing its key resistance level at $0