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.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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