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Home Crypto News Market Dogecoin Sharp 14% Rise Made Traders Lose $18M In Few Hours

Dogecoin Sharp 14% Rise Made Traders Lose $18M In Few Hours

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Dogecoin (DOGE) traders lost nearly $18 million in liquidations in the early morning hours of Friday after the coin rose 14% after the Tesla announcement.

The numbers were much higher than liquidations of Bitcoin or Ethereum futures, which generally have the biggest liquidations among all cryptocurrencies due to increased trading volume.

Data from analytics tool Coinglass showed that 60.81 million Doge coins were liquidated on various cryptocurrency exchanges. The meme coin on exchange OKEx had $7.71 million in liquidations, while futures products on exchange Binance had $2.75 million in liquidations.

doge coins liquidation
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The liquidations occurred when the cryptocurrency price soared on Friday after Elon Musk’s announcement that electric car maker Tesla would accept DOGE as a form of payment for some products.

Elon Musk, the CEO of Tesla Motors, is known to be the Father of Dogecoin. He wins this title because of his consistent support for Doge and how his tweets influence the price action of Dogecoin especially. Maybe many people reading this article don’t know; Elon Musk has been a die-hard supporter of Dogecoin since 2019.

In August 2021, Dogecoin announced a news Foundation Behind It With Vitalik Buterin As Board Advisor Along With Elon Musk Representative Jared Birchall. In December, the Dogecoin Foundation presented a roadmap for turning the meme coin into a more technical project. It was the first roadmap in Dogecoin’s eight-year history and explored eight new projects, including the launch of LibDogecoin and GigaWallet implementations.

Dogecoin was trading at $0.20 in the early hours of Friday, up 25% from the $0.16 price seen late on Thursday. However, at the time of writing, the digital asset has taken a slight dip and is priced at $0.19.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


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