Dogecoin Pumps Hard After Elon Musk’s Tweet, Shiba Inu Follows Suit

Overview

• Elon Musk’s recent tweet has caused a surge in the price of Dogecoin by 6.6 percent and Shiba Inu by 2.5 percent.
• According to a study conducted by Blockchain Research Lab, there is an average 3-percent price increase following each of Elon Musk’s tweets.
• Dogecoin’s 24-hour move was within the range of $0.0832 and $0.0872 before recording its first retracement as seen in the charted data.

Elon Musk’s Influence on Dogecoin Price

Elon Musk’s influence on crypto prices is undeniable, according to a study conducted by Blockchain Research Lab that analyzed 47 events after his tweets were released. The results showed that there was an average 3-percent price increase following each of his tweets – including the one that triggered the recent surge in Dogecoin’s and Shiba Inu’s prices.

Dogecoin Responds Positively

In response to Musk’s tweet, Dogecoin surged by 6.6 percent and Shiba Inu by 2.5 percent – proving that investors are still strongly influenced by his words when it comes to cryptocurrency investments decisions. Following this tweet, Dogecoin moved within the range of $0.0832 and $0.0872 before recording its first retracement as seen in the charted data – though not quite testing its key resistance level of $0.09 yet which could have resulted in an even larger surge had it been met successfully..

Fact Check Me @CommunityNotes Tweet

Musk followed up his initial tweet with another cryptic one where he wrote “fact check me @CommunityNotes” raising suspicions among investors who believe that he may be referring to some new feature introduced to Twitter rather than expressing interest in Dogecoin itself considering certain users noted how Community Notes posted about giving people extra context if they reply, like or retweet something on Twitter prior to this event happening – suggesting that this could be what he may actually be talking about instead of referring to pumping DOGE specifically for once again boosting its own value..

Conclusion

It appears from these events that Elon Musk has indeed played a major role in affecting crypto prices with his comments alone being enough to spark large movements among investors looking for potential opportunities for making profits off their investments into digital assets such as DOGE and SHIB tokens respectively as seen recently with both cryptos surging thanks in part due partly due to him once again showing support publicly towards them through social media platforms like Twitter