Meme-based cryptocurrency Dogecoin DOGE/USD 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 BTC/USD and Ethereum ETH/USD.
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.
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 TSLA CEO Elon Musk formalizing his Twitter Inc. TWTR takeover.