• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a 6.6% and 2.5% spike in their respective prices.
• According to a Blockchain Research Lab study, there was an average price range of 3% for each of the 47 events after a tweet by Musk.
• A Community Notes Twitter account post may have triggered the tweet from Musk as it detailed its new feature which gives users extra context they might otherwise miss.
Elon Musk’s Influence on Dogecoin
Twitter CEO Elon Musk has been associated with several price surges of Dogecoin (Doge) after his tweets stirred speculations among investors. Recently, he tweeted again, resulting in an increase in the meme coin's value over the past 24 hours.
In what appears to be a joke statement, Musk Tweeted: "High time I confessed I let the Doge out." Attached to this post was an image that read "It was me, I let the dogs out." He then followed up this post with another tweet saying "Fact check me @CommunityNotes."
The interesting twist about this is that Shiba Inu also surged slightly since Musk mentioned “dogs” in plural. Following his tweet, Dogecoin registered a 6.6 percent sharp increment while Shiba Inu rose by 2.5 percent within 24 hours.
Research Study on Effect of Elon’s Movements on Crypto
Blockchain Research Lab conducted a study on the effect of Elon's moves on cryptos which revealed that he has an intriguing command over investors. The study observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows after one of his tweets as seen in its 24-hour price data between $0.0832 and $0.0872 before recording its first retracement as shown in its charting analysis.
Post from Community Notes Account
Prior to Musk's tweet was a post from the Community Notes Twitter account detailing its new feature that provides users additional context they might otherwise miss when replying to or retweeting certain posts or likes them