DOGE coin enthusiasts have a lot to celebrate after the news that Elon Musk had finally finalized his purchase of Twitter, Inc.
Since the purchase was made public, Dogecoin grew over 110% in value, with the DOGE token going from $0.059 in late September to $0.14 on October 30, reaching its highest price since May 2022.
This rally allowed the world’s biggest meme coin to pass Cardano and become the 8th largest cryptocurrency by market capitalization in the world.
The growth is attributed to the recent acquisition by the world’s richest man, Elon Musk.
Known as the “Dogefather”, the relationship between Musk and the dog-inspired crypto is well documented. The billionaire is likely the biggest sponsor of the meme coin.
For the last couple of years, Musk recurringly endorsed and promoted some of his several companies’ products to be purchased in Doge – giving the cryptocurrency a chance to have a real-life use case.
Now with the news of Musk’s ownership of one of the most influential social media platforms that is pretty much responsible for running the political and public discourse – investors are optimistic that Dogecoin will serve a big role in Musk’s new Twitter.,
DOGE Futures Rack Up Nearly $90M in Liquidations
Dogecoin futures have seen almost $89 million in liquidations since Friday after Elon Musk’s takeover of Twitter was announced. Short traders, or bets against a token’s price rise, contributed $52 million to the total.
The term “liquidation” is used to describe when an exchange forcibly terminates an investor’s leveraged position due to the likelihood of it reaching a complete loss in the trade.
Dogecoin liquidations were the biggest of any cryptocurrency in the last 24 hours, totaling more than $27 million.
Dogecoin prices roughly doubled from about 7 cents on Friday to more than 15 cents on Sunday morning, possibly as a result of the liquidations. At the time of writing, prices had fallen to 11 cents.
As of Monday, there was $647 billion in open interest in dogecoin futures. The number of contracts that have not yet been liquidated by an offsetting deal, known as open interest.