Dogecoin Sees $2.4M In Liquidations Amid Rumor Of Mascot's Death
Portfolio Pulse from Mehab Qureshi
A rumor about the death of Kabuso, the Shiba Inu mascot of Dogecoin (CRYPTO: DOGE), caused a 9% spike in DOGE's price to $0.83, followed by $2.4M in liquidations when the rumor was debunked. Dogecoin, a meme-based cryptocurrency, has a significant market cap of over $11 billion. The rumor's impact was short-lived as the social media post was revealed to be fake.
January 10, 2024 | 7:48 am
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NEGATIVE IMPACT
The false rumor about the Dogecoin mascot's death caused a temporary 9% increase in DOGE's price, followed by significant liquidations totaling $2.4M when the rumor was proven false.
The short-term impact on DOGEUSD was negative due to the rapid debunking of the rumor, which likely caused panic selling among investors, leading to the liquidation of leveraged positions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100