Dogecoin Jumps 6.6% as Elon Musk Promotes DOGE on Twitter
• Elon Musk’s tweet sent Dogecoin and Shiba Inu prices surging by 6.6 percent and 2.5 percent, respectively.
• According to Blockchain Research Lab study, each of Musk’s 47 tweets caused an average price increase of 3 percent.
• The 24-hour move of Dogecoin was within the range of $0.0832 and $0.0872, with a resistance level at $0.09 before retracement is seen in the chart.
2. Impact on Dogecoin Price
Elon Musk’s influence on the Dogecoin price is evident from Blockchain Research Lab’s study which reveals that there was an average price increase of 3 percent for each of his 47 tweets after its release. Moreover, whenever there is a sharp spike in price, it is followed by another 45-minute surge in the rate shortly afterwards.
3. Recent Tweet
Recently, Elon Musk sent out a tweet that read “High time I confessed I let the Doge out” along with an image captioned “It was me, I let the dogs out” and further asked Twitter users to „fact check me“. This led to a 6.6 percent rise in Dogecoin prices while Shiba Inu surged by 2.5 percent as well due to his mention of „dogs“ in plural form in his tweet post that seemed to be a joke about some new feature introduced on Twitter recently according to some users‘ speculations around this event or his interest in meme coin DOGE itself..
4 Community Notes Tweet
Ahead of Elon Musk’s recent tweet mentioned above Community Notes posted on Twitter stating: starting today you’ll get notifications if any Community Note appears on any Tweet you’ve liked retweeted or replied to so people can have extra context they may not have seen otherwise .
In conclusion , it seems clear that Elon Musk has an interesting command over investors when it comes to cryptos as he tweets often cause immediate surges in prices when released . These events are usually followed by other shorter spikes soon after , making them quite profitable for those who know how to capitalize on them .