• Elon Musk recently tweeted about Dogecoin (DOGE) and Shiba Inu, causing a 6.6 percent and 2.5 percent surge respectively in their prices.
• According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos, there was an average price range of 3 percent for each of the 47 events after a tweet by Musk.
• After his recent tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent.
Elon Musk’s Influence on Crypto Prices
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. According to a study by Blockchain Research Lab, there was an average price range of about 3 percent for each of the 47 events after a tweet by Musk.
Musk’s Recent Tweet Causes Price Surge in DOGE and SHIB
Recently, Musk sent out another tweet causing a fair increase in the price of the meme coin in the last 24 hours with an image attached that reads “It was me, I let the dogs out.“ This caused both Dogecoin and Shiba Inu to surge by 6.6% and 2.5%, respectively.
Community Notes Posts Heads Up Following Tweet
After Musk’s tweet, Community Notes posted that they would give users extra context if they had replied or liked/retweeted any post related to it through their new feature “heads up” starting today. Some speculate this could be part of what triggered such massive advertisement from Musk regarding these two coins as he sought to show his interest in them both at once while also introducing this new Twitter feature at the same time.
24-Hour Price Data Analysis
The 24-hour move of Dogecoin has been within ranges between $0.0832 and $0.0872 before experiencing its first retracement as seen on its chart which indicates that although there is some influence coming from Musk’s tweets, it does not always cause massive movement compared to other market factors like supply & demand and news developments related to cryptocurrencies in general or specific ones like DOGE or SHIB..
It can be concluded that Elon musk has immense influence when it comes to crypto prices as seen from past events but its effects may vary depending on other external factors including public opinion & sentiment as well as regulatory updates from authorities worldwide concerning digital assets trading & investments activities conducted online or offline..