Dogecoin Surges 6.6% After Elon Musk’s Tweet: High Time I Confessed I Let The Doge Out

• Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors.
• A recent tweet by Musk caused a 6.6% increase in the price of Dogecoin, and Shiba Inu by 2.5%.
• According to 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 a price range of about 3 percent on average for each of the 47 events after a tweet by Musk.

Elon Musk’s Influence On Dogecoin

Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours.

Musk’s Tweet Triggers Price Surge

In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent.

Blockchain Research Lab Study

Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to the study, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.

24-Hour Move Of Dogecoin

The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872. From its 24-hour price data, it can be realized that the price surge was not substantial as the asset could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart .

Conclusion

It is clear from this article that Elon Musks‘ tweets have significant influence on cryptocurrency prices such as those for Dogecoin and Shiba Inu coins. This is evidenced by Blockchain Research Labs‘ study which revealed that there are positive correlations between musk’s tweets and crypto prices movements around them