Sunday, October 24, 2021
HomeAltcoin NewsDogecoin Tops Liquidation Charts On Elon Musk Live Weekend

Dogecoin Tops Liquidation Charts On Elon Musk Live Weekend

Those predicting an eventful weekend for dogecoin (DOGE) were proved correct after the token reached all-time high status before slumping spectacularly – with massive sell-offs following Tesla and SpaceX supremo Elon Musk (jokingly or otherwise) calling the token a “hustle.”

At the time of writing, per Bybt data, almost USD 151m worth of DOGE trading positions in the derivatives market has been liquidated in the past 24 hours, more than any other token besides ethereum (ETH) (USD 172m) and bitcoin (BTC) (USD 169m). And while DOGE is on an almost even footing with BTC and ETH, no other altcoin has experienced anything like as much liquidation in the past day – the fourth-placed token on the liquidation stakes was EOS (EOS), with a relatively paltry USD 26m.

Musk had warned of fun and potential trouble ahead of the weekend, reposting a DOGE-themed video and saying,

“Okay DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.”

Silbert, who pioneered the Grayscale Bitcoin Trust, added that the firm had “gone short DOGE” via a new offering at the FTX platform, which its masterminds described as “an ERC-20 token that seeks a return that corresponds to -3 times the daily return of dogecoin.”

Despite claiming that it would be “all paws on deck, all weekend” earlier in the weekend, the trading platform Robinhood said it experienced several “high trading and volatility”-related slowdowns after Musk’s appearance on the comedy show Saturday Night Live.

RELATED ARTICLES

Most Popular