Data from Coinglass shows that futures tracking the popular dogecoin (DOGE) tokens garnered $26 million in liquidations in the past 24 hours.
Both longs (bullish bets) and shorts (bearish bets) were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million.
Traders on the crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.
The liquidations were spurred as social media platform Twitter seemed to change its bird logo to a popular image that refers to a meme featuring a Shiba Inu dog.
The move could just be limited to users in the U.S. and Europe, as Twitter users in India continue to see a bird logo as of Tuesday.
Musk has frequently touted DOGE, suggesting the meme coin may offer better payment functionality than bitcoin (BTC).
There have been reports that Twitter was designing a system to permit payments through the social media platform using DOGE.
