Benzinga - Dogecoin (CRYPTO: DOGE) has emerged as the top-performing cryptocurrency recording 7% gains, outperforming even Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the last 24 hours. The meme-inspired digital asset has seen a surge in popularity, resulting in a significant liquidation of DOGE shorts worth $5 million within this period.
What Happened: Over the past day, 21,913 traders have been liquidated, with the total liquidations amounting to $45.88 million. Among these liquidations, Dogecoin shorts accounted for over $8 million.
This surge in liquidation activity can be attributed to the remarkable performance of Dogecoin, which has overtaken Cardano to become the seventh-largest coin in terms of market capitalization, with a whopping $11 billion valuation.
At the time of writing, DOGE was trading at $0.80, up 7% whereas Bitcoin and Ethereum were up 0.24% and 0.10% respectively.
The surge in Dogecoin’s value can be attributed to the influence of Twitter owner Elon Musk, who took to the platform on Tuesday to promote a new logo — a concept initially shared by a Dogecoin designer. This tweet by Musk, along with his addition of the Dogecoin symbol to his Twitter bio, has caused crypto enthusiasts to speculate on the significance of these actions.
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Why It Matters: Many in the cryptocurrency community quickly connected the dots, interpreting the use of the letter “X” in Twitter’s new logo as a reference to the platform’s rebranding efforts, while the letter “D” is seen as an overt nod to Dogecoin.
Considering Musk’s previous public support for Dogecoin, these seemingly innocuous gestures have ignited fresh waves of speculation regarding his intentions and their potential impact on the meme coin.
Read Next: Bitcoin, Ethereum, Dogecoin Rise Ahead Of Fed Rate Decision: Analyst Says Elon Musk’s DOGE Bio Move No Coincidence, Predicts $0.10 Level For Meme Coin
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