DOGE-led Market Pump Led to 500M In Liquidations Over Just 12 Hours

Yesterday from about 2AM ET to 2PM ET Dogecoin rose around 74% in an 12 hour period. This was likely the result of Elon Musk finalizing the buying of Twitter, in addition to the previous knowledge of his suggestion to use DOGE as a currency on the social media platform and have users pay to place tweets as a method of fighting against the many bots that plague Twitter. In addition, just a few days ago Binance confirmed a $500M investment in Twitter with Musk and made statements that they intend to help Musk get rid of Twitter bots. All this news was likely taken as confirmation for of the DOGE-for-tweet-payment plan. This is even though Binance CEO CZ said the investment was more of a blank check and he and Musk had no plans for Twitter.

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Coinglass Liquidations Data Yesterday

In spite of CZ's claims, in the markets there was about 500M in liquidations. Only about $29M of these liquidations occurred on DOGE. The DOGE pump actually seemed to have catalysed buying across the entire crypto market such that liquidations occurred across many different coins and tokens. 365.22M of these short liquidations happened on FTX alone.

SHIB rose around 25% in the same 12 hour period that DOGE rose 74%. After at almost exactly 2PM ET on the dot prices began to fall. DOGE fell around 8% in a half hour along with SHIB which fell 7% in the same period of time.