Yesterday dogecoin (DOGE) rose more than 30 percent after the social media platform Twitter changed its logo to the Dogecoin logo. Leveraged traders are hit hard by volatility, it turns out from dates from Coinglass. Shorts and longs were both hit in the past 24 hours. There were liquidations on both sides for $16 and $12 million respectively.
Dogecoin traders are being hit
Traders on the OKX exchange are particularly affected by the volatility. Traders on the exchange collectively lost more than $14 million in liquidated positions. The sharp price increase has also increased open interests as a result. Nearly $700 million in DOGE futures contracts were opened on exchanges.
Is Elon Musk behind this?
Most likely Elon Musk, the CEO of Twitter, is behind the logo change. Musk has often flirted with Dogecoin in the past. Among other things, he called DOGE his favorite crypto currency.
It is not clear whether the change of the logo is permanent. For some Twitter users, the DOGE logo has already disappeared. Others will still see the logo at the time of writing.
If Musk is behind this cosmic event, he is playing with fire. There is a hefty $ 258 lawsuit against Musk in connection with his ‘promotion’ of Dogecoin. In June, Musk was sued by a group of duped investors. According to the indictment, he deliberately caused the price of dogecoin to rise by 36,000 percent and then crashed it.
This week it was announced that Musk’s lawyers want a dismissal of the case. According to the lawyers, Musk’s tweets are “innocuous and bland,” and too vague to classify as fraudulent. Based on the Dogecoin logo on Twitter, it seems that Musk himself is not taking the lawsuit anything but seriously. Whether it stays with the new Dogecoin logo is the question.