Dogecoin Pumps 6.6% After Elon Musk’s Tweet: High Time I Confessed, I Let the Doge Out

• Elon Musk recently tweeted about Dogecoin, causing a 6.6 percent increase in its price and a 2.5 percent increase in Shiba Inu.
• According to Blockchain Research Lab’s study, after each of the 47 events triggered by Musk’s tweets, there was an average price range of 3%.
• 24-hour data reveals that Dogecoin could not test its key resistance level of $0.09 before recording its first retracement.

Elon Musk’s 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: „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.“ and a follow-up tweet where he wrote „Fact check me @CommunityNotes.“ As a result, Dogecoin responded with a 6.6% sharp increase and Shiba Inu surging by 2.5%.

Effect of Elon Musk’s Moves on Crypto Prices

Blockchain Research Lab conducted a study on the effect of Elon Musk’s moves on cryptos which revealed that there was an average price range of 3% for each event after one of his tweets. Furthermore, it noticed that whenever there is an immediate and large spike in prices, there is another 45-minute price spike that follows it.

24-Hour Price Movements

The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 – indicating that despite the surge caused by Musk’s tweet, it could not reach its key resistance level at $0.09 before recording its first retracement as per data from CoinMarketCap charting tools.

Conclusion

Elon Musk has proven to have considerable influence over crypto prices through his tweets as evidenced by this recent surge in Dogecoin and Shiba Inu prices following his mention on Twitter. It remains to be seen how far these effects will extend beyond these two coins into other cryptocurrencies as well in future events related to him or his activities regarding cryptos..

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