In the ultimate 1/2 of 12 months of 2021, the world’s richest guy Elon Musk seemed to again and again pump his 3 preferred cash on Twitter: bitcoin, Ether, and Doge. Things haven’t long gone so nicely because then. Bitcoin is down 66% 12 months-to-date, Ether via means by 64%, and Doge via way of means by 55%. Musk simplest tweeted approximately bitcoin two times in 2022 so far and Ether once. But Dogecoin has been tweet-graced via means of the meme coins defector chief sixteen instances, on thirteen separate days. News of Musk’s Twitter takeover has flooded the platform recently, main to a pleasant pump for Doge that has it outperforming bitcoin 17 instances over in October. In the equal period, the charge has extra than doubled. So, Protos accrued all of Musk’s doge-associated tweets this 12 month to look how a great deal effect he’s had on its charge.
Elon Musk’s tweets may have pumped doge price by 4.5% on average
Last year, Protos tracked Musk’s impact on the Doge Prize from May through November. All of his 30 tweets (over 22 days) coincided with price increases from open to high on the day of the tweet and from highs a week and a month later. In five days that Musk graced the world with a Dogecoin tweet, Doge pumped over 20%.
Protos calculated that from May to November last year, Doge posted gains of more than 5% on six separate occasions within a week after a Musk tweet. Of course, when we published last year’s article, the ShibaInu inspired coin was up an impressive 10,800% year-to-date. Bitcoin is up 350%, and Ether is up 1,000%. It’s no surprise that Musk’s potential impact has faded in the wake of a price apocalypse over the past year; However, our results suggest that its effects have not fully abated.