Dogecoin rose in price and traders lost $30 million in one day

The meme cryptocurrency Dogecoin rose in price by 29.8% and reached the 7th place by capitalization. After Elon Musk changed the logo on Twitter to the image of a Shiba Inu dog. Crypto Upvotes expert review

Traders lost $30 million in liquidated positions on Dogecoin (Doge) during the day. According to Coinglass, 58.6% of the forcibly closed positions were short and 41.4% were long.

An unusually large number of liquidations on Doge occurred after its exchange rate rose after a logo change on Twitter. On the evening of April 3, Elon Musk replaced the familiar image with Dogecoin. Doge reacted with a sharp increase of 25%.

Traders on the OKX exchange incurred the largest losses, losing more than $15 million on Dogecoin positions. Open Interest (OI), or the total amount of active futures contracts, on cryptocurrency exchanges rose to more than $683 million. The index increased by 90.7% during the day.

On April 4, Dogecoin trades at $0.1, a daily rate increase of 29.8%. According to Coinmarketcap, Doge reached the 7th place by market capitalization with an indicator of $13.9 billion, overtaking the cryptocurrency Cardano (ADA).