Dogecoin Futures Liquidations Jump to $26M After Twitter Shows Token’s Logo to Some Users
Futures tracking the popular dogecoin (DOGE) tokens have collected $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 almost equally affected. Longs received $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most affected, taking on $12 million in losses on dogecoin futures positions.
Open interest, or the number of open futures contracts, on dogecoin futures increased to over $580 million.
A large portion of the liquidations came when social media platform Twitter appeared to change its bird logo to a popular image referencing a Shiba Inu dog meme. Twitter CEO Elon Musk alluded to the move in several tweets, suggesting it wasn̵[ads1]7;t a brief, late April Fool’s joke.
The move may only be limited to users in the US and Europe, as Twitter users in India continue to see a bird logo as of Tuesday, suggesting that the logo update was not a global rollout.
Musk has often singled out DOGE, suggesting the meme coin could offer better payment functionality than bitcoin (BTC). In January, the Financial Times reported that Twitter was developing a system to allow payments through the social media platform.
At the time of writing, DOGE was up 25% in the last 24 hours.