Dogecoin Surge Sees Short Traders Lose $8M After Tesla Store Addition

Dogecoin Surge Sees Short Traders Lose M After Tesla Store Addition
Dogecoin (DOGE) traders lost more than $11.69 million to liquidations in Asian morning hours as the memecoin surged 14% in the past 24 hours. The figures were much higher than liquidations on bitcoin or ether futures, which usually see the most losses among all cryptocurrencies.Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of initial margin. That happens primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.Nearly 65% of the liquidations stemmed from short trades, or…