• Elon Musk recently tweeted about Dogecoin (DOGE) and Shiba Inu, leading to a 6.6 percent surge in the former’s price and a 2.5 percent surge in the latter’s.
• According to the Blockchain Research Lab, there has been a 3 percent average price range each time Musk tweets about crypto.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, with it unable to test its key resistance level before recording its first retracement.
Dogecoin Prices Surge After Musk’s Tweet
Elon Musk recently sent out a tweet regarding Dogecoin (Doge) and Shiba Inu, causing both currencies to rise significantly in value over the last 24 hours. Dogecoin rose by 6.6 percent whilst Shiba Inu increased by 2.5 percent – indicating that investors are responding positively to Musk’s words on social media platforms such as Twitter.
Analysis of Effect of Elon Musk’s Tweets
According to research conducted by Blockchain Research Lab, when Elon Musk tweets about cryptocurrencies there is usually an average 3 percent increase in prices across all 47 events studied after he tweeted about them. There is also usually another 45-minute price spike that follows an initial large spike when he mentions cryptos on Twitter or other platforms online.
24-Hour Price Movement of Dogecoin
The 24-hour movement of Dogecoin has seen it stay mostly within the range of $0.0832 – $0.0872 since Elon’s tweet was published, with it being unable to test its key resistance level before recording its first retracement back down again afterwards..
Speculation Around Tesla CEO’s Move
It remains unclear whether Tesla CEO was joking or serious when he wrote his post on Twitter which triggered speculation from investors around what his intentions were behind this move regarding cryptocurrencies such as DOGE and SHIB tokens – but one thing is certain: investors are paying close attention!
Elon Musk holds a considerable amount of influence over cryptocurrency markets due to his frequent interactions with them through social media channels such as Twitter – and this recent news demonstrates how his words can have a direct effect on prices almost instantly following their publication online!