Dogecoin futures saw $26 million in liquidations in the past 24 hours, with both longs and shorts impacted almost equally. Traders on OKX were the most affected, taking on $12 million in losses on dogecoin futures positions.

The surge in liquidations came as social media platform Twitter seemed to change its bird logo to a popular image that refers to a meme featuring a Shiba Inu dog.

Elon Musk referred to the move in several tweets, suggesting it wasn't a brief, late April Fools' joke. At the time of writing, DOGE was up 25% in the past 24 hours, and open interest on dogecoin futures surged to over $580 million.