Dogecoin Futures Liquidations Jumps to $26M After Twitter Displays Token’s Logo for Some Users
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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)
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.
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
