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Over the past 24 hours, the Dogecoin (DOGE) price has increased by more than 16% to $0.137. The capitalization of the altcoin on the evening of November 1 exceeded $18.18 billion, it overtook Solana and Cardano and climbed to eighth place in the ranking of the largest digital currencies.
The DOGE rally comes amid the growing social media hype fueled by the Twitter acquisition. The post of CEO of this company was temporarily taken by Elon Musk, who often provokes a rally in meme tokens.
Today’s cryptocurrency rally resulted in the liquidation of DOGE positions totaling just over $61 million.
According to CoinGlass, exchanges have canceled $33.11 million in short positions. Liquidation on the Binance and OKX platforms was approximately $7 million each.
Whales became the main participants in the October DOGE pump.
Santiment analysts also pointed to a correlation between Dogecoin and another meme altcoin, Shiba Inu (SHIB). These digital currencies are moving along approximately the same trajectory.
Today they are adding together in value, while last weekend DOGE and SHIB retreated as part of a correction.
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