Dogecoin (DOGE) Sees $20M Liquidations

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.

Market News and Data brought to you by Benzinga APIs

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Dogecoin Sees $20M Liquidations As Price Rallies To $0.17