Dogecoin Sees Nearly $5M Liquidations Over 24 Hours

Meme-based cryptocurrency Dogecoin DOGE/USD saw close to $5 million in liquidations in the last 24 hours.

What Happened: According to data from CoinGlass, 31.60 million DOGE worth $4.76 million was liquidated on Sunday.

Unlike most of the cryptocurrency market, which saw a majority of longs liquidated, DOGE saw an equal number of long and short positions liquidated — meaning that both sides of the trade lost out.

Traders lost a total of $2.46 million from longs and $2.3 million from shorts.

The meme-coin saw a sudden spike on Sunday and hit an intra-day high of $0.157. It gained 7% over a four-hour period before recording a sharp decline back to the $0.148 price level.

pic.twitter.com/2cp5iP34xn

— Shibetoshi Nakamoto (@BillyM2k) April 11, 2022

In its usual fashion, the coin’s positive price action followed a tweet from Tesla Inc TSLA CEO Elon Musk, this time proposing DOGE as a payment option for Twitter Inc's TWTR Blue premium subscription service.

Price Action: According to data from Benzinga Pro, DOGE was trading at $0.1503, up 0.83% in the last 24 hours at press time. Bitcoin BTC/USD was down 1.13%, trading at $42,300 and Ethereum ETH/USD was trading at $3,200, down 1.75% over the same period.