Dogecoin has had another spectacular 24 hours with its futures liquidations reaching $26 million. Data from Coinglass reveals both longs and shorts were significantly affected, with longs liquidating to the tune of $10 million, while shorts totalling $13 million liquidations. OKX, a crypto exchange, was the most damaged exchanging, racking up liquidations of $12 million in dogecoin futures positions. The open interest of the unsettled futures position have risen to $580 million.

The incredible surge in the liquidations came after Twitter’s logo changed for some users to a popular image depicting a Shiba Inu dog, which references an associated meme with Dogecoin. The move was noted by Twitter CEO Elon Musk, and he deemed it not to be a quick joke as popularly assumed. Moreover, it appears as though the logo change may just be limited to users in the U.S. and Europe. On the other hand, those using Twitter in India still awaits the logo change.

In the past, Musk has advocated for Dogecoin, citing it is more payment-ready than Bitcoin. The Financial Times reported in January that Twitter was creating a payment system to be used on its platform. Ultimately, Dogecoin surged 25% in the past 24 hours, ahead of its competitors.



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