After using the Shiba Inu dog image as the Twitter logo, the Dogecoin liquidation has grown to more than $26 million in the last 24 hours. Data provided by Coinglass showed that the cryptocurrency had more liquidation than usual in the previous 24 hours. This came after Elon Musk changed the logo on the Twitter web version to that of the Dogecoin crypto.
Both longs and shorts were equally impacted by the surge in Dogecoin value. Longs saw $10 million in liquidation, slightly lower than shorts at $13 million. Those trading at the crypto exchange OKX took the most hit as they lost about $12 million in the whole fiasco. The majority of these losses came from a Dogecoin futures position. Even more surprising, the number of unsettled futures contracts on dogecoin futures increased to more than $580 million.
What Happened?
Elon Musk, the current owner of Twitter, made a surprising change in Twitter's logo. He changed the logo to Dogecoin Twitter. Dogecoin bears the image of the famous Shiba Inu dog. Many thought it was one of those jokes from Elon Musk, but in recent tweets, the billionaire confirmed that it wasn't an April Fool joke. Apparently, the billionaire revealed he was trying to fulfil a promise he made before he took over the social media platform. The billionaire had promised to change Twitter's logo from the bird to the Shiba Inu dog.
However, it seems the change in Twitter's logo is only limited to those residing in the US and some parts of Europe. Those who are living in Africa and Asia have complained of not seeing the new changes on the app. But in the web version of Twitter, the changes are available to everyone, not minding your location.
Elon Musk Obsession with Dogecoin
Even before the billionaire became the owner of Twitter, he had often shown the love he had for Dogecoin. In June 2022, the billionaire tweeted that he would keep supporting Bitcoin.
At different moments, tweets from Elon Musk made the meme coin increase massively in price. Each time he makes a tweet or says something about Dogecoin, it usually makes the value of the cryptocurrency increase massively. During his Twitter takeover, the official announcement made the meme coin have a bullish trend that lasted for more than a week.
After acquiring the social media platform, the billionaire also tweeted, announcing a Shiba Inu dog as the new CEO of Twitter. Despite that being a joke, it increased Dogecoin's value massively. Recently the billionaire has changed the logo of Twitter to that of Dogecoin, and it seems he has no intentions of removing it very soon. The logo bearing the face of the Shiba Inu dog has lasted for more than 24 hours, and it is causing the price of Dogecoin to surge.
After acquiring Twitter, the billionaire hinted at adding a payment platform on Twitter that would include Dogecoin. While this remains to be seen, Elon Musk's recent action has taken the meme coin to another level, as it has increased by more than 25% in the last 24 hours.