Posted on 2. März 2023 in Allgemein
• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing them to increase in price.
• The Blockchain Research Lab found that there was an average of 3 percent price range on each of the 47 events after a tweet by Musk.
• Musk’s influence on the cryptocurrency market was further confirmed as Dogecoin recorded a 6.6% rise after his latest 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.
According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average on each of the 47 events after a tweet by Musk. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
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.“ The interesting twist about this is that Shiba Inu has also surged marginally, probably because of Musk’s mention of „dogs“ in plural. 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: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked or Retweeted – giving people extra context they might otherwise miss. This could explain why some users believe that he sought to show his interest in meme coins but it could just be him expressing excitement over new feature introduced to Twitter platform as well.
Elon Musks influence over crypto investors is clear and so far have been positive for many cryptos including Dogecoin which recorded 6