Dogecoin Shorts Worth $13.28M Liquidated In 12 Hours As Meme Coin Hovers Around $0.10

Dogecoin DOGE/USD has gained around 25% in the last 24 hours, after the iconic meme of a Shiba Inu dog replaced Twitter‘s blue bird logo on the website for a select group of users. 

What Happened: According to data from CoinGlass, there has been a significant amount of liquidation in the past 12 hours in the cryptocurrency market. Specifically, the liquidation of DOGE amounted to a staggering $23 million, at the time of writing.

Moreover, more than half of the DOGE positions that were liquidated were shorts. These shorts alone accounted for $13.28 million of the total liquidation.

The past 24 hours have proven to be quite volatile as 44,726 traders were liquidated during this period. The total amount of crypto liquidations reported was a whopping $155.11 million. 

The largest single liquidation order happened on Bitmex, one of the world’s most popular cryptocurrency exchanges. This order was for XBTUSD and amounted to a staggering $9.57 million. 

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The crypto community on Twitter was buzzing with intrigue surrounding the actions of Musk . Many users were puzzled by the sudden surge of DOGE mentions on the platform. Some speculated that the entire thing might have been an April Fools’ joke that was taking a few days to roll out. One Twitter user wrote, “Doge for some reason is showing up on Twitter and I can only assume this was supposed to be an April Fools’ joke that took 3 days to roll out because no one knows how the site works anymore,” reflecting the general sentiment of confusion in the community.

Initially, Musk remained silent on the matter, which added to the curiosity and speculation of users. However, he eventually tweeted a post that referenced some older tweets where he had joked about changing the DOGE logo.

Price Action: At the time of writing, DOGE was trading at $0.098, up 26.88% in the last 24 hours, according to Benzinga Pro.

Read More: Dogecoin, Ethereum Jump Even As Bitcoin Slides Below $28K: Analyst Sees Chance To Buy Meme Coin If Price Drops To $0.08 Levels