Liquidations of Dogecoin futures jumped to $26 million after Twitter showed the token’s logo to some users

Data from Coinglass showed that futures tracking popular Dogecoin (DOGE) amassed $26 million in liquidations over the past 24 hours in an above-average move.

Buys, bets, shorts or bets were affected approximately equally. Longs saw $10 million in liquidations while sellouts took in $13 million. Traders on cryptocurrency exchange OKX were the hardest hit, suffering $12 million in losses on dogecoin futures trades.

Open interest, or the number of volatile futures contracts, on dogecoin futures contracts has risen to more than $580 million.

The bulk of the eliminations came as the social media platform Twitter appeared to change its bird logo to a popular image referring to a meme featuring a Shiba Inu dog. Elon Musk, CEO of Twitter, has alluded to the move in several tweets, indicating that it was no short April Fool’s joke.

The move could be limited to users in the US and Europe, as Twitter users in India continue to see a flying logo as of Tuesday, indicating that the logo update was not a global rollout.

Musk has long been promoting DOGE, suggesting that the meme coin may offer better payment functionality than Bitcoin (BTC). In January, the Financial Times reported that Twitter was building a system to allow payments through the social media platform.

At the time of writing, DOGE is up 25% in the past 24 hours.