Dogecoin Pumps Hard After Elon Musk’s Tweet, Shiba Inu Follows

• Elon Musk recently tweeted about Dogecoin (DOGE), causing a 6.6 percent increase in price and 2.5 percent for Shiba Inu.
• A study by Blockchain Research Lab showed that after a tweet from Musk, the average price range was around 3 percent for 47 events.
• The 24-hour price of Dogecoin stayed within the ranges of $0.0832 and $0.0872, without reaching its key resistance level of $0.09 before recording its first retracement as seen in the chart.

Elon Musk’s Tweet on Dogecoin

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.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“

Effect on Cryptocurrency Prices

A study by Blockchain Research Lab on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to the study, there was a price range of about 3 percent on average for 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.

Price Movements

The 24-hour move of Dogecoin has been within the ranges of $0