• Elon Musk recently sparked speculation with a tweet regarding Dogecoin (Doge).
• Following the tweet, Dogecoin surged by 6.6 percent and Shiba Inu by 2.5 percent.
• According to Blockchain Research Lab’s study, there was an average of 3 percent price range for each of the 47 events after a tweet from Musk.

Elon Musk Sparks Speculation with Dogecoin 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. In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“

Price Surge After The Tweet

Following the tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent. Before Musk’s tweet, Twitter account Community Notes posted that some new feature had been introduced to twitter which could have prompted his expression of interest in meme coins as well.

Musk’s Influence on Crypto Prices

Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to their study, there was an average 3 percent price range for each of 47 events after a single tweet from him which also caused immediate and large spike followed by another 45-minute spike in prices as well.

24 Hour Price Move

The 24-hour move of Dogecoin has been within ranges $0.0832 – $0.0872 but it hasn’t tested its key resistance level at $0.09 before experiencing its first retracement as seen in chart data analysis as well.

Conclusion

Elon Musk seems to have become major influencer when it comes to crypto prices particularly those related to meme coins like doge and shiba inu as he can cause massive surge just through one simple joke or expression on Twitter itself!