• Elon Musk recently tweeted about Dogecoin, causing a 6.6 percent surge in its price and a 2.5 percent surge in Shiba Inu’s price.
• According to the Blockchain Research Lab study, there is an average 3 percent price range for each of the 47 events after a tweet by Musk.
• A 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872 but it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Dogecoin Price Surge After Elon Musk’s Tweet
Elon Musk’s tweet sent Dogecoin rising by 6.6 percent and Shiba Inu by 2.5 percent, according to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto currencies. Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors with one recent tweet causing a fair increase in the price of the meme coin in the last 24 hours.
Musk’s Influence On Price Of Cryptocurrencies
The Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors with there being an average 3 percent price range for each of the 47 events after a tweet by him, with further observation that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows it too.
24 Hour Move Of Dogecoin
The 24-hour move of Dogecoin was within the ranges of $0