Dogecoin Futures Liquidations Jump to $26M After Twitter Displays Token's Logo for Some Users

The figures are higher than usual for the popular meme coin.

AccessTimeIconApr 4, 2023 at 6:25 a.m. UTC
Updated Apr 4, 2023 at 2:57 p.m. UTC

Futures tracking the popular dogecoin (DOGE) tokens racked up $26 million in liquidations in the past 24 hours in a higher-than-usual move, data from Coinglass shows.

Both longs – or bets on – and shorts – or bets against – were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.

Open interest, or the number of unsettled futures contracts, on dogecoin futures surged to over $580 million.

A bulk of the liquidations came as social media platform Twitter seemed to change its bird logo to a popular image that refers to a meme featuring a Shiba Inu dog. Twitter CEO Elon Musk referred to the move in several tweets, suggesting it wasn’t a brief, late April Fools’ joke.

The move could just be limited to users in the U.S. and Europe because Twitter users in India continue to see a bird logo as of Tuesday, suggesting the logo update wasn't a global rollout.

DOGE racked up the most liquidations in 2023 so far. (Coinglass)
DOGE racked up the most liquidations in 2023 so far. (Coinglass)

Musk has frequently touted DOGE, suggesting the meme coin may offer better payment functionality than bitcoin (BTC). In January the Financial Times reported that Twitter was designing a system to permit payments through the social media platform.

At the time of writing, DOGE was up 25% in the past 24 hours.

Edited by Parikshit Mishra.


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