• Elon Musk has recently tweeted about Dogecoin and Shiba Inu, causing a surge in their prices.
• According to the Blockchain Research Lab, there is an average price range of 3 percent whenever Musk tweets about crypto.
• The 24-hour move of Dogecoin was between $0.0832 and $0.0872 before recording its first retracement.

Elon Musk’s Influence on Dogecoin Price

Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk tweeted an image with the inscription „It was me, I let the dogs out.“ causing a 6.6 percent increase in the price of the meme coin in the last 24 hours with Shiba Inu surging by 2.5 percent as well.

Elon Musk’s Effect on Crypto Prices

According to a study conducted by Blockchain Research Lab, Musk has an interesting command over investors when it comes to cryptocurrency prices as they have observed that there was an average price range of 3 percent each time he would tweet about crypto related topics or events. Furthermore, they also noticed that whenever there is an immediate and large spike in price, another 45-minute increase follows suit.

Musk’s Tweet Causes Surge

Following Elon Musk’s tweet, Dogecoin responded with a 6.6 percent sharp increase while Shiba Inu surged by 2.5 percent as well due to his mention of „dogs“ in the plural in his follow up tweet which some users believe was merely expressing some new feature introduced to Twitter but nonetheless showed his interest in the meme coin all the same.

24 Hour Movements

The 24-hour move of Dogecoin has been within ranges of $0.0832 and $0