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.
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.
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.
