Dogecoin Soars 6.6% After Elon Musk’s Tweet on Twitter

• Elon Musk recently tweeted about Dogecoin, causing a 6.6 percent price surge and a 2.5 percent increase in Shiba Inu.
• According to the Blockchain Research Lab study, there was an average of 3 percent price range on each of the 47 events after a tweet by Musk.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, but could not test its key resistance level before recording its first retracement as seen in the chart.

Elon Musk’s Tweet

Twitter CEO Elon Musk recently tweeted about Dogecoin (Doge), 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 this post with the inscription „It was me, I let the dogs out.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent as well.

Effect Of Elon Musk On Crypto

The Blockchain Research Lab conducted a study on how Elon Musk’s moves affect crypto prices and found that there was an average 3 percent price range on each of his 47 events following his tweets. It also observed that whenever there is an immediate and large spike in price, it is followed by another 45-minute spike afterward as well.

Dogecoin Price Movements

The 24-hour move for Dogecoin has been within ranges of $0.0832 and $0