Futures tracking the popular dogecoin (DOGE) tokens racked up $26 million in liquidations in the past 24 hours in a higher-than-usual move, data from Coinglass shows.
Both longs, or bets on, and shorts, or bets against, were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.
Open interest, or the number of unsettled futures contracts, on dogecoin futures surged to over $580 million.
A bulk of the liquidations came as social media platform Twitter seemed to change its bird logo to a popular image that refers to a meme featuring a Shiba Inu dog. Twitter CEO Elon Musk referred to the move in several tweets, suggesting it wasn’t a brief, late April Fools’ joke.
The move could just be limited to users in the U.S. and Europe, as Twitter users in India continue to see a bird logo as of Tuesday, suggesting the logo update wasn’t a global rollout.
DOGE racked up the most liquidations in 2023 so far. (Coinglass)
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Musk has frequently touted DOGE, suggesting the meme coin may offer better payment functionality than bitcoin (BTC). In January the Financial Times reported that Twitter was designing a system to permit payments through the social media platform.
At the time of writing, DOGE was up 25% in the past 24 hours.
