Nearly $140M In Dogecoin Liquidated Since Elon Musk's Takeover Of Twitter: Here's How Much Short-sellers Lost

Since Tesla chief Elon Musk took over the reins of social networking giant Twitter, nearly $140 million worth of Dogecoin (CRYPTO: DOGE) have been liquidated, even as the popular memecoin continued its stellar performance on Monday, trading up over 10%. Having been widely mentioned by the "Dogefather" — as Musk is known in crypto circles — Doge has gained over 110% over the past week and has reached a market capitalization of a mouth-watering $17.36 billion, with the memecoin trumping Cardano (CRYPTO: ADA) as the eighth largest cryptocurrency.

Timeline of Dogecoin

Benchmark meme token Dogecoin (DOGE) is spearheading an altcoin market bounce, clocking in gains of 114% in the last seven days. DOGE first started moving on news that tech billionaire Elon Musk, one of Dogecoin's most prolific supporters, had successfully taken over social media giant Twitter. Dogecoin rallied over 137% from around $0.

CEO of Tesla and Twitter Inc. owner Elon Musk has made 62% of Dogecoin (DOGE) investors wealthy amid rumours that the memecoin will benefit from Musk's purchase of Twitter. Here's AMBCrypto's Price Prediction for Dogecoin [DOGE] for 2023-24 Elon Musk, a multibillionaire businessman, altered his Twitter bio to “Chief of Twit” on 26 October.

Dogecoin is still riding the wave of the hype that came with the completion of the deal between Elon Musk and the social media platform Twitter. The meme coin had been able to rally towards six-month highs and broke several major resistance levels along the way.

Dogecoin price is exchanging hands at $0.1198 after losing 8% of its value over the last 24 hours. This $16 billion meme coin grew by over 100% in the past week amid an Elon Musk-triggered rally. Dogecoin proponents backed the rally in droves, compelling bullish forecasts to $1.

Dogecoin price is surging in the past few hours after rebounding from the daily lows at around $0.1138. The popular memecoin surged massively in the recent past which elevated the prices from $0.0743 to as high as $0.15, reclaiming the levels it traded before the May 2022 market collapse.

Dogecoin, the most favourite meme cryptocurrency, has been registering significant gains over the last few weeks due to Doge-father Elon Musk's Twitter acquisition worth $44 billion. Dogecoin price is experiencing immense buying pressure as it shoots by 150% in just a week.

DOGE remains one of the strongest-performing cryptocurrencies this week and continues to hold buyers' attention. However, the rally slowed down since yesterday, resulting in higher price rejection from a crucial overhead resistance.

The price of DOGE recently witnessed a significant surge, and witnessed an upswing by more than 150%. As seen on the daily timeframe price chart of the token from Tradingview, this resulted in a substantial amount of buy pressure.

Dogecoin price analysis is bearish today as we have seen steady move higher yesterday taht turned into consolidation overnight. Therefore, DOGE/USD will likely soon continue even lower to retrace past the $0.11 support.

The Dogecoin community is bullish on the potential usage of DOGE for payments in services like Twitter subscription services. The memecoin saw huge growth in the last few days following the official takeover of Twitter by Musk.