Dogecoins DOGE/USD has increased by around 25% in the last 24 hours, after the iconic meme of a Shiba Inu dog replaced Twitter‘s blue bird logo on the website for a selected group of users.

What happened: According to data from CoinGlass, there has been a significant amount of liquidation in the cryptocurrency market over the past 12 hours. Specifically, DOGE’s liquidation totaled a staggering $23 million at the time of writing.

In addition, more than half of the liquidated DOGE positions were short positions. Those shorts alone accounted for $13.28 million of the entire liquidation.

The last 24 hours has proven to be quite volatile as 44,726 traders were liquidated during this period. The total amount of crypto liquidations reported was a whopping $155.11 million.

The largest single liquidation order occurred on Bitmex, one of the world’s most popular cryptocurrency exchanges. This order was for XBTUSD and totaled a whopping $9.57 million.

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The crypto community on Twitter buzzed with intrigue surrounding Musk’s actions. Many users were confused by the sudden deluge of DOGE mentions on the platform. Some speculated that the whole thing might have been an April Fool’s joke that took a few days to roll out. A Twitter user wrote“Doge pops up on Twitter for some reason and I can only assume this was supposed to be an April Fool’s joke that took three days to launch because no one knows how the site works anymore,” reflecting the general confusion in the community.

Initially, Musk remained silent on the matter, fueling user curiosity and speculation. Eventually, however, he tweeted a post that referenced some older tweets where he had joked about the DOGE logo change.

Price promotion: At the time of writing, DOGE was trading at $0.098, up 26.88% over the past 24 hours. according to Benzinga Pro.

Continue reading: Dogecoin, Ethereum even jump while Bitcoin slides…