Dogecoin Pumps 6.6% as Elon Musk Tweets I Let The Doge Out


• Elon Musk recently tweeted about Dogecoin and Shiba Inu, causing a surge in their prices.
• According to Blockchain Research Lab, there is an average 3% price bump after every Elon Musk tweet.
• The 24-hour movement of Dogecoin has been within the range of $0.0832 and $0.0872.

Dogecoin Pumped After Elon Musk’s Tweet

Twitter CEO Elon Musk recently sent out a tweet that saw Dogecoin (Doge) rising by 6.6 percent, and Shiba Inu by 2.5 percent in the last 24 hours. The tweet read: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“ Community Notes then posted that: Starting today, you’ll get a heads-up if a Community Note starts showing on a Tweet you’ve replied to, Liked, or Retweeted which some users believe might have been what triggered Musk’s interest in meme coin Doge.

Effect Of Elon Musk On Crypto Prices

A study conducted by Blockchain Research Lab reveals that Elon Musks‘ moves have an effect on crypto prices as they observed there was an average 3 percent price bump after every tweet he made regarding cryptocurrency related topics. This can be seen when there is an immediate and large spike in price followed by another 45-minute price surge as well as other crypto assets like Shiba Inu also surging marginally due to his mention of „dogs“ in his tweet about Dogecoin.

Dogecoin Price Movement

The 24-hour movement of Dogecoin has been within the ranges of $0.0832 and $0.0872 which shows that the price surge wasn’t substantial enough for it to test its key resistance level of $0.09 before recording its first retracement as seen in its charting data on Binance exchange platform .


In conclusion, it is indisputable that Elon Musk’s tweets have effect on cryptos prices with each triggering an average 3 percent increase according to Blockchain Research Lab study on his influence over investors’ decisions concerning cryptocurrency investments with his recent tweet sending both Dogecoin and Shiba Inu up significantly though not enough to test their key resistance levels before retracing back down again afterwards