Dogecoin Pumped After Elon Musk Tweet
• Elon Musk sent out a tweet about Dogecoin, causing it to rise 6.6% and Shiba Inu to increase 2.5%.
• A Blockchain Research Lab study showed that on average there was a 3% price range spike for 47 events after a tweet from Musk.
• The 24-hour move of Dogecoin stayed within the ranges of $0.0832 and $0.0872.
Elon Musk’s Influence on Dogecoin Price
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (DOGE) after his tweets triggered speculations among investors. Recently, he posted an apparent joke with an image attached and a follow-up tweet seeking fact checking by CommunityNotes, which caused a fair increase in the price of the meme coin in the last 24 hours.
A Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos reveals that he has an interesting command over investors as there was an average 3 percent price range spike for each of the 47 events after a tweet by him. Whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows according to the study conducted, making his influence undeniable when it comes to crypto prices.
Price Movement of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 as previously mentioned, which indicates that even though it rose substantially due to Musk’s post, its key resistance level at $0.09 wasn’t tested before recording its first retracement as seen in the chart below:
Community Notes Feature
Some users believe that what might have come off as just another joke from Elon Musk was actually him expressing his appreciation for Community Notes‘ new feature where users get heads up if Community Note starts showing up on replies they have liked or retweeted; this gives them extra context they would otherwise miss out on without such features being available in Twitter platform..
It goes without saying that Elon Musk’s tweets are always met with speculations leading to changes in crypto prices; this time around it was no different as his mention of “dogs” triggered both Dogecoin and Shiba Inu pump hard in response shortly afterwards as observed by data collected on their respective coin movements during this period..