The world-famous memecoin-dogecoin became a trending coin among crypto speculators after Twitter CEO Elon Musk changed Twitter’s blue bird logo to ‘DOGE’ in an initiative to make DOGE a better payment option than bitcoin.
In response, the price of Dogecoin surged by more than 23% within two hours on Monday. At the time of writing, DOGE price is trading at $0.10 against USDT, according to data from Coinglass, with futures liquidation reaching $30 million over the past 24 hours.
![DOGE Liquidations Chart](https://www.cryptotimes.io/wp-content/uploads/2024/02/wOkoCgzAQ6ZdNwOiXxkouxZDf1uoeeRrk9Sfn3hq3x5nDVKbeQ0pzt1hHuCf3SgPCRxlhnCXI2qcRmz7EZxTNVQ2_KL9WJ3k-CiGRAWWnWB5K_-BbttdfbbLyPOlPATjBqLvlU3os-FsVN00jHqvp2s.png)
The speculator’s participation is higher than the usual move as In the past 24 hours, trading volume in Dogecoin rapidly increased over 700% at $5.2 billion.
As per Coinglass, the Longs position holder and Short position holder were impacted equally. Meanwhile, longs in Dogecoin’s liquidation reported $10.02 million, in contrast, Shorts saw $13 Million.
![Chart of Open interest on Dogecoin feature](https://www.cryptotimes.io/wp-content/uploads/2024/02/1qX498nClFz-rDswybzTaSly2kMFJa4NR6fFrShbaDL2iEDOsS-y485LfHLy5kszu_CQKybFbAH7u-_ZasnHNwQ9VZ5BRT7WvSG19aAKudYtAMHwNqLpa7RSJPpOk326BV2aRn1ouKtEmjUMRPAE8FY.png)
Open interest on the Dogecoin feature incredibly increased to over $558 million on April 04. The change in the social media platform Twitter’s logo to DOGE is the main reason for this massive liquidation.