• Elon Musk tweeted an image with the caption “High time I confessed I let the Doge out”, causing a 6.6 percent surge in Dogecoin and 2.5 percent surge in Shiba Inu.
• According to Blockchain Research Lab’s study, there was an average 3 percent price range for each of the 47 events after a tweet by Musk.
• 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 of $0.09 before recording its first retracement as seen in the chart.
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 has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours: „High time I confessed I let the Doge out.“ There was an image attached to this post with the inscription „It was me, I let the dogs out.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
Effect on Crypto Prices
According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. There was an average 3 percent price range for each event following a tweet by Musk and whenever there is an immediate large spike in price, there is another 45-minute price spike that follows soon afterwards.
Dogecoin Price Surge
Following Elon’s tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent too. The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 but it could not test its key resistance level at $0