• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a 6.6% and 2.5% rise in their prices respectively.
• A study conducted by the Blockchain Research Lab concluded that there is an average of 3 percent increase in price after each of Musk’s tweets.
• Twitter has also released a new feature to help users receive more context on posts they Retweet, like or reply to.
Elon Musk’s Tweet About Dogecoin
Twitter CEO Elon Musk recently sent out a tweet that caused the price of meme-cryptocurrency Dogecoin (Doge) to surge by 6.6 percent, with Shiba Inu rising by 2.5 percent as well. The tweet contained an image with the caption “It was me, I let the doges out”, and followed it up with “Fact check me @CommunityNotes”.
Effect Of Elon Musk’s Tweet On Crypto Prices
According to a study conducted by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptocurrency prices, there is an average of 3 percent increase in price after each of his tweets. This could be due to investors speculating about his tweets and reacting accordingly.
New Feature Introduced On Twitter
In addition, Twitter has announced its new feature which gives users extra context when they Retweet, Like or Reply to posts on its platform. This could possibly explain why Shiba Inu also experienced a minor surge in price due to Musk’s mention of „dogs“ in his tweet as well as seeking feedback from Community Notes Twitter account for fact-checking purposes.
24 Hour Price Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 according to its 24-hour data chart; however it did not manage to test its key resistance level at $0.09 before recording its first retracement phase afterwards.
Conclusion
It appears that Elon Musk still holds substantial influence over crypto investors when it comes to sending out tweets related to cryptocurrencies; hence he should be wary when making such statements so as not to cause any unnecessary market instability or pump & dump scenarios amongst traders/investors alike
