Meme-based cryptocurrency Dogecoin (CRYPTO: DOGE) saw $20.13 million in liquidations over 24 hours.
What Happened: According to data from CoinGlass, 132 million DOGE was liquidated over the last day, making it the third-most liquidated cryptocurrency after Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The majority of liquidations were seen by traders in short positions – or those betting on a move lower for DOGE.
Over 24 hours, the meme coin saw $12.43 million worth of shorts liquidated and $7.69 million worth of longs liquidated.
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The large-scale liquidations followed a massive move up for DOGE which rallied 20% to a high of $0.17 on Monday. DOGE outperformed both BTC and ETH which saw moderate gains of 2.9% and 3.6%.
Analysts at Santiment attributed DOGE’s positive price action to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk formalizing his Twitter Inc. (NYSE:TWTR) takeover.
