• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing their prices to surge by 6.6 percent and 2.5 percent respectively.
• According to a study by Blockchain Research Lab, each of the 47 events after a tweet by Musk caused an average price range of 3 percent.
• The 24-hour move of Dogecoin was within the ranges of $0.0832 and $0.0872, but it could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart.
Dogecoin Surges After Elon Musk’s Tweet
Elon Musk’s recent post on Twitter sent Dogecoin rising by 6.6 percent, while Shiba Inu rose by 2.5 percent according to a study by the Blockchain Research Lab that studied the effects of Elon Musk’s moves on cryptos. The tweet sent speculations among investors that may have led to this surge in prices for these coins.
Musk’s Influence on Crypto Prices
The study showed that there was an average price range of about 3 percent for each event after a tweet from Musk which sparked speculation within the crypto community as his influence has become increasingly apparent in recent months with cryptocurrencies surging shortly after one of his tweets or comments related to them is made public. It was also observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows shortly afterwards due to traders playing off this trend in order to make quick profits from short-term movements in crypto prices driven by news announcements such as those made by Elon Musk himself via Twitter or other social media platforms such as Reddit or Telegram channels dedicated specifically to discussing cryptocurrency news and trading strategies etc..
Dogecoin Price Movement Over 24 Hours
The 24-hour movement data shows that Dogecoin stayed within the ranges of $0.0832 and $0.0872 but failed to break past its key resistance level at $0.09 before entering into its first retracement phase following some selling pressure from traders who were looking at taking profit off their positions entered earlier when prices were much lower than they are now due to FOMO (Fear Of Missing Out) buyers pushing up demand for certain digital assets like Dogecoin during bullish market movements like what we’ve seen over recent weeks with Bitcoin hitting all time highs almost daily since late January 2021 onwards until now where it continues trending upwards towards further historic all time highs – though not necessarily directly linked with Elon Musk’s activities specifically related only towards particular digital assets such as DOGE or SHIB tokens etc..
Fact Check On CommunityNotes Tweet
Elon Musk followed up his initial post with another tweet asking users to „fact check me @CommunityNotes“. This came after Community Notes had posted an announcement on their account stating they would be providing heads-up if one of their notes started showing up on a Tweet someone has replied, liked or Retweeted – giving people more context regarding topics they might otherwise miss out on without having access to such information: prompting some users who thought his initial post was meant purely as joke rather than expressing genuine interest in the meme coin itself – further contributing towards speculation amongst traders making decisions based upon perceived signals from influential figures like him when it comes down investing decisions related closely with cryptocurrency markets (and altcoins) which tend to be very volatile due largely because no central authority regulating them yet preventing wild swings both ways (upwards & downwards).
Conclusion
In conclusion, it appears clear that despite whatever intentions he initially had when posting his tweets about Dogecoin & Shiba Inu – whether it be for fun alone or something else altogether – there still remains undeniable evidence showing direct correlation between any posts made publicly across various social media platforms especially those concerning cryptocurrency markets leading directly towards subsequent gains/losses experienced depending upon sentiment expressed through words used; thus adding further weighting towards overall impact influential figures have upon investment decisions taken within space regardless if they come from more traditional financial backgrounds outside sector itself too!
