• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a 6.6 percent and 2.5 percent increase in their prices respectively.
• According to the Blockchain Research Lab study, Musk has an interesting command over investors with each of his tweets having an average impact of 3 percent on the crypto market.
• Dogecoin’s 24-hour price data shows that it was not able to test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Elon Musk’s Influence On The Crypto Market
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, he came up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“ According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average on each of the 47 events after a tweet by Musk.
Dogecoin Price Surge After Elon’s Tweet
In response to Elon Musks’s tweet regarding Dogecoin, it rose by 6.6 percent while Shiba Inu surged by 2.5 percent following mention of “dogs” in plural in his post image with inscription “It was me, I let the dogs out“. Before this tweet from Musk, Community Notes posted that: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked, or Retweeted. This helps give people extra context that they might otherwise miss.
Musk’s Effect On The Crypto Market
According to research conducted by Blockchain Research Lab into news related to cryptocurrency pricing movements due to influence from Elon Musk showed that there is an average impact rate of around 3% per event when measured from 45 minutes before and 45 minutes after any news release associated with him or Tesla Inc., which he serves as CEO for.. The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0