Dogecoin Pumps Hard After Elon Musk’s Massive Twitter Advertise
• Elon Musk recently tweeted about Dogecoin (Doge) and Shiba Inu, causing a 6.6 percent surge in the former’s price and 2.5 percent increase in the latter’s.
• A study by Blockchain Research Lab found that on average, a tweet by Musk caused a 3 percent change in price of 47 different events related to cryptos.
• Twitter CEO also posted another joke with an image attached to it which was followed up by “Fact check me @CommunityNotes”.
Elon Musk’s Impact on Dogecoin Price
The recent tweets made by Tesla CEO Elon Musk have triggered speculations among investors regarding the meme coin called Dogecoin (Doge). Following this, there was a fair increase in its price within 24 hours of his tweet that read „High time I confessed I let the Doge out“. An image was also attached to the post with the inscription „It was me, I let the dogs out“, where he referred to „dogs“ in plural which seemed to have had an effect on Shiba Inu as well since its price marginally surged too.
Blockchain Research Lab Study
The Blockchain Research Lab conducted a study on the impact of Elon Musk’s moves on crypto and discovered that there was an average range of about 3 percent for each of 47 events after any one of his tweets. Moreover, when there is an immediate surge in price, there is another 45-minute price spike that follows it according to their analysis.
Price Range for Last 24 Hours
The last 24-hour data reveals that the highest recorded price for Dogecoin has been $0.0872 while its lowest has been $0.0832, not testing its key resistance level of $0.09 before recording its first retracement as seen in its chart. Similarly, Shiba Inu showed an increase from 2 – 2.5 percent due to Musk’s mention of „dogs.“
Twitter Feature Linked?
A few users speculated if the tweet made by Musk was actually linked with some new feature introduced to Twitter after Community Notes posted: Starting today you’ll get a heads-up if a Community Note starts showing on Tweet you’ve replied to, Liked or Retweeted; giving people extra context they might otherwise miss out on. However, regardless his interest in meme coins remained evident from all his posts related to them lately!
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