Dogecoin Pumps 6.6% as Elon Musk Pushes DOGE on Twitter

Dogecoin Price Surge

• Elon Musk’s latest tweet caused a 6.6 percent surge in the price of Dogecoin, and Shiba Inu by 2.5 percent.
• According to Blockchain Research Lab’s study on the effect of Musk’s tweets, there was an average 3 percent increase after each of his 47 events.
• Before Musk’s tweet, Community Notes posted about new features that could have been the reason for his interest in the meme coin.

Elon Musk’s Influence on Crypto Prices

Twitter CEO Elon Musk has had a significant influence on cryptocurrency prices with his tweets often triggering speculations among investors. His latest tweet sent Dogecoin (DOGE) rising by 6.6 percent, while Shiba Inu surged by 2.5 percent. A study conducted by Blockchain Research Lab on the effects of Elon Musk’s moves on crypto shows that there is an average 3 percent price range for each of the 47 events following a tweet from him. 45 minutes after he posts, it is observed that there is a second spike in prices as well.

Community Notes Tweet

Before Elon Musk tweeted about Dogecoin and Shiba Inu, Community Notes posted about new features they are introducing wherein people will get “heads-up if a community note starts showing up on a tweet they have replied to, liked or retweeted” to help provide more context to those who might otherwise miss it. Whether this served as an inspiration for Elon’s interest in DOGE remains unknown but it has certainly fuelled speculation among investors who responded with an immediate surge in prices right after his post was published online.

24-Hour Movements

Dogecoin has been trading within the ranges $0.0832 and $0.0872 within 24 hours since its initial pump triggered by Elon Musk’s tweet before recording its first retracement as seen in its chart movements.. This shows that although there was an initial surge following Tesla CEO’s post, it did not last long enough to test its key resistance level at $0.09 before dropping again at lower levels than recorded prior to the event itself.. Despite this drop however, it still showed signs of improvement when compared with other altcoins which indicates that things might be looking up for Dogecoin holders soon enough if more positive news keeps coming out regarding this asset class online and offline alike..

Conclusion

It is evident from this article that Twitter CEO Elon Musk continues to have immense influence over cryptocurrency prices due to his tweets often causing speculation among investors which can lead to surges or dips depending upon what he says and how people react towards them.. Furthermore, even though Dogecoin may not have maintained its high price level following one single event like this one mentioned here today – indicating further research into potential links between Communities Notes‘ feature announcement and subsequent market reaction – it showed promising signs when compared against other altcoins which hints towards bright future prospects for DOGE holders across different exchanges around world soon enough provided more positive news keeps rolling out over time too!