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As Bitcoin shot past new highs, the original meme king, Dogecoin (DOGE), caught fire. The coin jumped to $0.42 on Tuesday afternoon, sending cheers across DOGE holders. But, as quick as it spiked, it slid back to $0.39, leaving traders spinning. Bitcoin’s rise poured fuel on the altcoin flame, but DOGE’s swings hit hard, wiping out traders’ bets.

Millions Wiped Out as Shorts and Longs Clash

Crypto traders playing DOGE futures got hit, and it wasn’t pretty. Data from CoinGlass showed a hefty $6 million in short positions got knocked out in four short hours. Meanwhile, the longs weren’t safe either. A plunge in DOGE’s value erased $5.6 million worth of long bets. With every shake in DOGE’s price, traders saw their positions get shredded—liquidation, or getting “rekt” as the crypto crowd calls it, was the day’s theme.

DOGE Futures See Heavy Liquidation—$25.5M Gone in a Day

In 24 hours, $25.5 million in DOGE futures hit the chopping block. Of that, $14.7 million were shorts, while the rest were longs that didn’t hold out. One Binance bettor took the biggest L, losing over $1 million in a short gone sideways. The meme coin’s volatility showed its teeth again, and those chasing gains saw their holdings crumble fast. Betting on DOGE means you gotta have nerves of steel and pockets to spare.

Elon Musk’s Dogecoin Hype Fuels Market Mania

Elon Musk, DOGE’s loudest advocate, keeps rattling the crypto scene, and traders can’t seem to ignore him. His love for Dogecoin only boosts its place in the spotlight, dragging in speculators hungry for quick gains. Rumors about Musk’s role in Trump’s upcoming administration as the leader of a fictional “Department of Governmental Efficiency (D.O.G.E.)” add extra chaos, and traders gamble with hopes that Musk’s whims will swing the market in their favor.

Bitcoin’s Rally Adds Pressure to Dogecoin Trades

Bitcoin’s massive climb to $94,040—the fresh peak—rattled the entire crypto sector. It’s now hovering around $92,338, and every move adds tension to DOGE’s trading scene. Altcoin enthusiasts see Bitcoin’s gains and pour cash into DOGE, hoping for another rally. But the volatility keeps wrecking short-term bets, as the meme coin continues to draw traders into high-stakes action.