Futures tracking popular dogecoin (DOGE) tokens racked up $26 million in selloffs in the past 24 hours in a higher-than-usual move, Coinglass data shows.
Both longs, or back bets, and shorts, or lay bets, were affected almost equally. Longs saw $10 million in settlements, while shorts received $13 million. Traders on the OKX cryptocurrency exchange were hardest hit, with $12 million in losses on dogecoin futures positions.
Open interest, or the number of unsettled futures contracts, in dogecoin futures increased to more than $580 million.
The bulk of the selloffs occurred when the social media platform Twitter appeared to change its bird logo to a popular image referring to a meme featuring a Shiba Inu dog. Twitter CEO Elon Musk addressed the move in several tweets, suggesting that it was not a brief late April Fools joke.
The move could be limited to users in the US and Europe, as Twitter users in India continue to see a bird logo as of Tuesday, suggesting the logo update was not a global rollout.
Musk has frequently promoted DOGE, suggesting that the meme coin may offer better payment functionality than bitcoin (BTC). In January, the Financial Times reported that Twitter was designing a system to allow payments through the social media platform.
At the time of writing, DOGE is up 25% in the last 24 hours.
