• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing their prices to surge.
• A study by Blockchain Research Lab reveals that there is an average 3 percent price range after each of Musk’s tweets.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872.
Dogecoin Pumped After Elon Musk Tweet
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk came up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. In a statement, believed to be an apparent joke, he 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.“
Musk’s Influence on Crypto Prices
A study by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to their findings, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. Whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
Shiba Inu Price Surge
Interestingly enough, Shiba Inu also rose marginally following Musk’s mention of “dogs” in plural form in his tweet. The crypto recorded a 2.5 percent surge while Dogecoin responded with 6.6 percent increase from its former positions before him tweeting about it .
Dogecoin Price Range
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0