Dogecoin Witnesses $33.11M Liquidation Amid Musk Fiasco

• The Elon Musk Twitter acquisition, worth $44 billion, helped propel the price.
• During its recent upswing, Dogecoin jumped into the top 10 cryptocurrency rankings.

The price of Dogecoin (DOGE), the biggest meme cryptocurrency, surged by over 110%, surpassing the $0.135 barrier that had previously served as a formidable barrier. The Elon Musk Twitter acquisition, worth $44 billion, helped propel the price in an unprecedented direction.

Market data, however, indicates that a substantial sum of Dogecoin has been liquefied by dealers during the previous day. Coinglass reports that in the last 24 hours, almost $261 million has been sold off from the worldwide crypto market by 110.99k investors. Dogecoin, meanwhile, has seen the most amount of liquidation.

Wild Ride For the Meme Coin

According to the data, Dogecoin has had a 24-hour trading volume of almost $61 million. While this may seem like a lot, consider that short calls account for almost 54% ($33.11M) of total liquidation. Because of this, most investors were bracing for a decline in the price of DOGE. However, Okex and Binance have both acknowledged liquidating Dogecoin short calls totaling $7 million.

From numerous whale wallets, almost $18 million worth of Dogecoin were moved to various crypto exchanges in the previous 24 hours, according to Whale Alert. The greatest transaction recorded by the tracker was over 100 million DOGE being sent to Binance.

The price of Dogecoin has retracted 16% in the last day. Presently, the average price of a DOGE is $0.1137. Twitter’s recent announcement of yet another development in the NFT market also contributed to the quick increase in price.

Yet, DOGE’s recent trading volume increased by a staggering 207% to $14.5 billion. During its recent upswing, Dogecoin jumped into the top 10 cryptocurrency rankings.

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