Elon Musk Pumps Dogecoin: Prices Spike 6.6%, Shiba Inu Up 2.5%

• Elon Musk recently sent out a tweet about Dogecoin, causing a 6.6 percent price surge and a 2.5 percent price surge in Shiba Inu.
• According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was an average 3 percent price increase in each of the 47 events after a tweet by Musk.
• Musk’s influence on Dogecoin is significant as it can cause immediate and large price spikes followed by 45-minute price spikes afterwards.

Elon Musk’s Tweet About Dogecoin

Twitter CEO Elon Musk has been linked to several surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk posted another tweet which caused an increase in the value of this meme coin over the last 24 hours. The post read: “High time I confessed I let the Doge out” with an image attached that said “It was me, I let the dogs out” and he followed up with “Fact check me @CommunityNotes”.

Effect On Other Cryptos

Interestingly enough, Shiba Inu also surged marginally due to Musk mentioning „dogs“ in plural form in his follow-up tweet. Afterward, Dogecoin experienced a 6.6 percent surge while Shiba Inu rose by 2.5 percent.

Musk’s Influence On Crypto Prices

According to research conducted by Blockchain Research Lab on how much influence Elon Musk has had on cryptos reveals that after every one of his 47 tweets there is usually a 3% average increase in prices for these assets. Additionally, whenever there is an abrupt surge in prices shortly after one of his tweets, there is likely going to be another 45 minute spike afterwards too.

Dogecoin’s 24 Hour Price Movement

As for the 24 hour movements within its own asset, it ranges between $0.0832 and $0.0872 but could not break its key resistance level at $0.09 before retracing from where it began initially as seen from its chart data..


Overall, it appears that Elon Musk has quite some influence over investors when it comes to Dogecoin and other cryptos alike as they tend to experience significant gains within minutes or hours following one of his posts or mentions about them online