• Elon Musk recently posted a tweet which caused a surge in the price of Dogecoin and Shiba Inu by 6.6 percent and 2.5 percent respectively.
• A study on the effect of Elon Musk’s moves on cryptos revealed that there was an average increase of 3 percent in price after each of his 47 tweets.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, however it could not test its key resistance level before retracement.
Elon Musk and Dogecoin
Elon Musk, Twitter CEO, recently Tweeted about Dogecoin (Doge) which resulted in a fair increase in the price of the meme coin in the last 24 hours. He posted an image with „It was me, I let the dogs out”, followed by “Fact check me @CommunityNotes“. This also triggered a marginal surge in Shiba Inu as he mentioned „dogs“ in plural.
Effect Of Elon Musk’s Moves On Cryptocurrencies
A study conducted by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptos reveals that there is an interesting command over investors when it comes to his tweets related to cryptocurrencies. According to the study, there was an average increase of 3 percent for each of his 47 events after a tweet with an additional 45-minute price spike following any immediate large spike in prices.
24 Hour Price Movements Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 but could not test its key resistance level before recording its first retracement as seen in its chart data.
Conclusion
In conclusion, Elon Musk’s influence over crypto investors is clear from past studies which have revealed that whenever he tweets about any cryptocurrency, it results in increased prices for those coins or tokens mentioned by him due to speculations among investors who trust his decisions related to investments made into cryptocurrencies such as Bitcoin or Ethereum etc..
Takeaway
This article serves as a reminder for all crypto traders to keep up with recent news regarding cryptocurrencies so they can make informed decisions when investing or trading these digital assets since even small changes can have huge impacts on their portfolios if they are unaware or not prepared for them ahead of time!