Dogecoin Surges 6.6% After Elon Musk’s Tweet, Shiba Inu Follows

• Elon Musk recently tweeted an image of a dog and mentioned the meme coin Dogecoin, causing its price to surge by 6.6%.
• A Blockchain Research Lab study showed that there was an average 3% price range on 47 events after a Musk tweet.
• Dogecoin’s 24-hour price movement was between $0.0832 and $0.0872, but it could not test its key resistance level of $0.09 before recording its first retracement.

Dogecoin Pumps After Elon Musk’s Tweet

Elon Musk sent DOGE soaring when he sent out a cryptic tweet about the meme coin on Twitter, resulting in a 6.6% increase in the coin’s price. The Shiba Inu token also saw a marginal 2.5% increase due to Musk’s mention of „dogs“ in his post.

Musk Influence on Crypto Prices

A study conducted by the Blockchain Research Lab found that following each one of Elon Musk’s tweets, there is typically an average 3 percent swing in prices across all crypto assets involved with the tweet – this was seen as well during this most recent event with Dogecoin and Shiba Inu tokens seeing notable increases in price following his tweet.

Dogecoin Price Movement

In the 24 hours following Elon Musk’s tweet, Dogecoin fluctuated between values of $0.0832 and $0.0872 per token; however, it did not manage to reach its key resistance level of $0.09 before recording its first pullback from these highs shortly afterwards.

Twitter Feature Update?

The Community Notes account posted about a new feature update for Twitter around the same time as Elon Musk’s tweet which may have been what prompted him to make his post; some people believe that he may have simply been expressing his interest in DOGE by joking about releasing them into circulation again, rather than actually doing so himself for any financial gain or other incentive purposes.

Conclusion

Overall, it is clear that despite no concrete proof of market manipulation or financial gain being made by either party involved – investors responded positively to both Twitter’s new feature update and Elon Musk’s cryptic joke by pushing up both Dogecoin and Shiba Inu prices significantly within 24 hours following their respective posts online