Dogecoin Futures Clear $26 Million in 24 Hours
According to reports, data from Coinglas shows that futures tracking popular Dog Coin (DOGE) tokens have cleared up to $26 million in the past 24 hours. Most of the liquidation occ
According to reports, data from Coinglas shows that futures tracking popular Dog Coin (DOGE) tokens have cleared up to $26 million in the past 24 hours. Most of the liquidation occurred after the Twitter website logo was changed to a dog coin emoticon.
The clearing amount of Dogcoin futures has jumped to $26 million in the past 24 hours
If you’ve been keeping up with cryptocurrency news lately, chances are you’ve heard a lot about Dogecoin. According to reports, data from Coinglas shows that futures tracking popular Dog Coin (DOGE) tokens have cleared up to $26 million in the past 24 hours. Most of the liquidation occurred after the Twitter website logo was changed to a dog coin emoticon. In this article, we will explore what Dogecoin is, how futures work, and what these latest developments mean for the future of cryptocurrency.
What Is Dogecoin?
Dogecoin was created in 2013 by software developers Billy Markus and Jackson Palmer. The cryptocurrency was created as a lighthearted joke, based on the popular internet meme featuring a Shiba Inu dog. Despite its origins, Dogecoin quickly gained a following and became a legitimate cryptocurrency that can be traded on various exchanges.
Understanding Futures
Futures are financial derivatives that allow traders to predict the future value of an asset. In the case of Dogecoin futures, traders can speculate on the future price of Dogecoin. Futures contracts typically have a set expiration date and require the buyer to purchase the underlying asset at a predetermined price. Futures contracts can be used to hedge against price fluctuations, or to take advantage of price predictions.
Dogecoin Futures Liquidation
The recent surge in Dogecoin futures trading has caused a significant amount of liquidation. Liquidation occurs when traders who have taken out futures contracts are forced to sell their assets in order to meet margin requirements. According to Coinglas data, $26 million in Dogecoin futures were liquidated in just 24 hours.
This liquidation was largely due to a recent change in the Twitter logo. The social media platform changed their logo to a Dogecoin emoticon, causing a surge in interest in the cryptocurrency. The increased activity caused the price of Dogecoin to rise sharply, ultimately leading to liquidation as traders were forced to sell off their positions.
What Does This Mean for the Future of Cryptocurrency?
The recent surge in Dogecoin futures trading and subsequent liquidation highlights the volatility and unpredictability of the cryptocurrency market. While some traders were able to profit from the rise in Dogecoin prices, others were caught off guard and forced to sell at a loss. As with any investment, it’s important to consider the risks involved before jumping in.
That said, the increased activity surrounding Dogecoin is a sign of growing interest in cryptocurrencies as a whole. As more people become aware of the potential benefits of blockchain technology and the decentralized nature of cryptocurrencies, we can expect to see continued growth in the market.
FAQs
Q: What is Dogecoin?
A: Dogecoin is a cryptocurrency created in 2013 based on a popular internet meme featuring a Shiba Inu dog.
Q: What are futures contracts?
A: Futures contracts are financial derivatives that allow traders to speculate on the future price of an asset.
Q: What caused the recent liquidation of Dogecoin futures?
A: The recent surge in Dogecoin prices and activity, largely driven by a change in the Twitter logo, caused a significant amount of liquidation as traders were forced to sell off their positions.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/13735/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Why can’t fish pools find miners (why are fish pool mining profits decreasing)?
Why can\’t fish pools find miners? The reason why fish pools cannot find miners i
-
Web3 instant messaging application KTalk completed a $2 million financing
On April 22nd, the Web3 instant messaging application KTalk announced the completion of a $2 million financing, led by Malaysian sovereign funds and East British East Asia Holdings
-
Aki Protocol Secures $40M Seed Funding
On April 28th, it was announced that Aki Protocol, a Web3 data-driven influencer network, had completed a seed round financing with a valuation of $40 million. Akatsuki Web3 Fund E
-
SEC Chairman Asserts Regulatory Authority Over Cryptocurrency
On February 27, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), discussed cryptocurrency in an interview with New York magazine on Febr…
-
US Prosecutors Find That Sam Bankman-Fried Used a VPN to Access the Internet
According to reports, US prosecutors said that they found that Sam Bankman-Fried (SBF), the former chief executive of FTX, had used virtual private network (VP…
-
The Alleged Connection between FHLBank and Silvergate’s Voluntary Liquidation
According to reports, the San Francisco Federal Housing Loan Bank (FHLBank) provided $4.3 billion to Silvergate at the end of last year, and did not force Silvergate to repay the advance payment. This is rumored to be the reason why the cryptocurrency friendly bank entered voluntary liquidation. A spokesman for the bank said, “FHLBank San Francisco has not requested or forced Silvergate Bank to prepay its outstanding prepayment. Silvergate has decided to prepay the outstanding prepayment based on its own assessment of its own situation.” FHLBank: Silvergate did not stop lending Analysis based on this information:Reports have emerged stating that the San Francisco Federal Housing Loan Bank (FHLBank) provided Silvergate Bank with a $4.3 billion advance payment at the end of last year, without demanding repayment. This action is speculated to have triggered Silvergate’s decision to enter voluntary liquidation, which was announced recently. According to FHLBank, they did not request or pressure Silvergate to repay the advance payment, and the…
-
Google Launches AI Chat Robot Bard to Take on OpenAI’s ChatGPT
According to reports, according to the Financial Times, Google has announced the launch of the AI chat robot Bard in an attempt to compete with OpenAI\’s ChatGPT. The company is see
-
What are the best currency wallets (which currency platform is good)?
What are the best currency wallets? We recommend using a decentralized mobile a
-
Bitinity EVM Launches on Internet Computer Main Network: A Game-Changer for Developers
On April 17th, it was announced that the Bitinity EVM launched by the IC ecosystem DEX InfinitySwap has been launched on the Internet Computer (IC) main network. Bitinity EVM will
-
Uniswap V3 to Deploy on Avalanche for Copyright Protection
It is reported that Uniswap has passed the vote on deploying Uniswap V3 on Avalanche, with a approval rate of 95.08%. This proposal takes into account that the commercial protection of the copyright of Uniswap V3 core code will expire on April 1, when many projects will have the legal right to copy Uniswap V3 and branch the code for commercial purposes. Therefore, Uniswap V3 has decided to deploy on Avalanche in advance before a large number of imitation products appear to ensure that Uniswap can seize the Avalanche DEX market and compete with the DEX Trader Joe on Avalanche. According to the plan, the contract deployment is expected to take 5 weeks to complete. The proposal to deploy Uniswap V3 on Avalanche has been voted and is expected to be deployed within 5 weeks Analysis based on this information:The recent message reveals that Uniswap V3 has passed a vote to deploy on Avalanche to protect its copyright from being…
-
Gray Scale Holds Almost $19 Billion in Mainstream Currency Trusts
According to the report, the data of coinglass shows that the current total position of gray scale is 18.799 billion US dollars, and the trust premium rate of …
-
Slight fluctuations seen in A-share market at opening due to blockchain and digital currency sector decline
According to the news, at the opening of A-share market, the Shanghai Composite Index closed at 3293.52 points, up 0.07%, the Shenzhen Composite Index closed a…
-
The Rise of the Metaverse: Exploring the Surge of the Metaverse Sector
According to reports, the metaverse sector has surged and risen, with Sanxiang Impression and Mengwang Technology raising their limit. Shanshui Bide and Tianxiaxiu have surged by 7
-
Stack.link DAO Launches Ethereum Liquidity Pledge Index ixETH
According to reports, the Liquidity Pledge Agreement stack. link DAO has announced the launch of the Ethereum Pledge Index \”ixETH\” and ixETH/ETH Curve Pool with SDL token incentive
-
What is the core encryption algorithm of blockchain (blockchain encryption concept stocks)
The core encryption algorithm of blockchain, what is it? It is a cryptographic
-
What is the use of coin security twt
What is the use of Coin An TWT Coin? Coin An TWT Coin has announced that it will issue 100 million wtokens. Including but not limited to the following: 1. Sending or receiving assets through Lightning Network; 2. Exchange into Fiat money (such as USDT, BTC, etc.); 3. Linked 1:1 to the US dollar. Using this method can improve the transparency and security of transactions; 4. Provide complete control over user assets Note: The announcement released by Coin An was made around July 19, 2019 and received high support from the community.