Dogecoin Price Surge After Elon Musk’s Tweet
- Elon Musk tweeted „High time I confessed I let the Doge out,“ causing a 6.6 percent surge in Dogecoin price.
- Shiba Inu saw a 2.5 percent increase after Musk’s mention of „dogs“ in the plural.
- A Blockchain Research Lab study found that there was an average 3% price range after each of Elon Musk’s 47 tweets.
Twitter CEO Elon Musk recently sent out a tweet which caused a fair increase in the price of meme coin, Dogecoin (Doge). The tweet read “High time I confessed I let the Doge out.” with an image attached to it that said “It was me, I let the dogs out.” A follow-up tweet read “Fact check me @CommunityNotes.“
Price Surge Reaction
Following the tweet, Dogecoin responded with a 6.6 percent surge and Shiba Inu saw a 2.5 percent increase due to Musk’s mention of “dogs” in the plural form. 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 of $0.09 before recording its first retracement as seen in its chart data.