On April 3, the world’s most popular social media platform Twitter changed its profile picture to reflect that of the popular meme token Dogecoin (DOGE). Just two days ago, the 51-year-old CEO of Twitter and Tesla filed suit to drop the $258 billion lawsuit filed by investors against DOGE. On the other hand, futures tracking Dogecoin (DOGE) have liquidated $26 million in higher-than-usual moves over the past 24 hours, according to data from Coinglass. Here are the details…
Large liquidation of DOGE futures
A lot has happened recently in the DOGE ecosystem, which has risen 25 percent. If we look primarily at futures, Coinglass data pointed to a $26 million liquidation. Thus, long positions (long positions) and short positions (short positions) were affected almost equally. Long positions saw $10 million in liquidation, while shorts took an impact of $13 million. Traders at the crypto exchange OKX, which lost $12 million in Dogecoin futures positions, were among the hardest hit.
The number of open positions or outstanding futures contracts on Dogecoin futures has exceeded $580 million. Most of the purges came when social media platform Twitter replaced the bird logo with an image featuring a Shiba Inu dog. Twitter CEO Elon Musk referred to his move in several tweets, suggesting that it was not a short-lived April Fools’ joke.
He had promised the President of the WSB
As the crypto community was stunned by Twitter’s sudden move, Elon Musk tweeted a screenshot of a Twitter thread where he was seen chatting with the Chairman of a well-known subreddit, Wall Street Bets. The conversation is based on the Twitter pre-purchase agreement. WSB said “Buy Twitter” and suggested changing the bird logo to Dogecoin. Musk added the phrase “as promised” to his tweet following the latest development today.
This move may be limited to users in the US and Europe only, as Twitter users in India continue to see a bird logo from Tuesday. This suggests that the logo update is not a global rollout. Musk has frequently touted DOGE, suggesting that the meme coin could offer better payment functionality than Bitcoin (BTC). In January, the Financial Times reported that Twitter is designing a system to allow payments through its social media platform.
Dogecoin price skyrocketed
Another group of speculators believe it was one of Musk’s belated attempts to make an April Fool’s joke. However, given that Twitter was flooded with jokes of all sizes on April 1, not many believe this was a smart move thought up by Musk. It is suspected that Musk deliberately played the joke late.
As a direct result of this, the value of DOGE, Dogecoin’s native token, has risen very close to the $0.1 price mark, up 27 percent in the last 24 hours. In addition, meme coin, cryptocoin.com According to its data, it has surpassed Polygon (MATIC) in market capitalization. At the time of writing, the price of DOGE is around $ 0.0995 and it is curiously expected whether it can exceed $ 0.1.
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