Dogecoin (DOGE) witnessed a 5% surge in response to Twitter’s rebranding announcement on Monday 24, 2023, while bitcoin (BTC) slightly dropped below $29,100.
The rebranding move by Elon Musk’s Twitter is part of the company’s transition to X Corp or X.AI, a division of Musk’s AI-focused group of firms known as X.
Further, the world’s richest man added dogecoin’s ticker logo to his bio, sparking speculation about the most meme crypto playing a more prominent role in the rebranded company.
However, amidst the excitement surrounding DOGE’s potential involvement, the Bitcoin market experienced a liquidation event.
Over $30 million representing over 96% of all leveraged futures positions were liquidated in just a single hour, contributing to the sudden decline in Bitcoin’s value.
Liquidation is when a crypto exchange forcibly closes a trader’s leveraged position due to the loss of the trader’s initial margin.
It happens when a trader fails to meet the margin requirements for a leveraged position or lacks sufficient funds to maintain the trade open.
As bitcoin’s price fell, it had an effect on many altcoins, with Tron ($TRX) and Polygon ($MATIC) experiencing a 3.4% loss, and Solana ($SOL) facing a nearly 5% drop.
