Against the background of a sharp rise in the Dogecoin (DOGE) token rate, traders’ positions were mass liquidated. Over the past 24 hours, users who have traded a leveraged coin have lost more than $ 300 million, according to bybt.com. Writes about this RBC Crypto.
In terms of the volume of liquidations over the past day, the DOGE token came out on top and overtook Bitcoin in this indicator. The total loss of traders who made transactions with the first cryptocurrency using leverage was about $ 270 million.
The reason for the massive liquidations of the Dogecoin rate was its colossal fluctuations. The token cost less than $ 0.008 yesterday. Then Twitter user WSB Chairman asked his 380 thousand subscribers (today their number has grown to 730 thousand) what cryptocurrency they hold, and later singled out Doge among the named coins.
Following this, a sharp rise in the token rate began. At first, its price climbed to $ 0.015. After a slight correction, it continued to rise and reached $ 0.087 on the night of January 29, reaching a new all-time high. In general, Dogecoin quotes have increased by more than 1000%.
After such an increase, the Dogecoin price began to decline rapidly and fell to $ 0.04. At 10:50 Moscow time, the token costs $ 0.05. Over the past day, its rate has grown by 350%.
WSB Chairman is indirectly related to the r / wallstreetbets thread on the popular Reddit platform. Its users began to buy up shares of GameStop, which rose from $ 16 to $ 450 from the end of November to January 28.
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