Dogecoin trading over the weekend led the shiba inu memcoin to a market capitalization of more than $10 billion, adding more than 90 percent in value over the past week and becoming one of the largest liquidators among cryptocurrency-tracking futures.

Dogecoin futures have liquidated more than $89 million since Friday amid volatile trading amid confirmation of Elon Musk’s Twitter purchase. About $52 million of those numbers came from short traders, or bets against the rise in the token’s price.

Liquidation occurs when an exchange forcibly closes a trader’s leveraged position due to a partial or complete loss of the trader’s initial margin. This occurs when the trader cannot meet the margin requirements for a leveraged position (does not have sufficient funds to maintain an open trade).

Dogecoin’s liquidation was the highest of any cryptocurrency in the last 24 hours at over $27 million. Futures tracking ether and bitcoin, which typically show the largest gains, suffered relatively smaller losses of $14 million and $12 million, respectively.

The liquidation may have helped squeeze short positions, as dogecoin prices doubled from nearly 7 cents on Friday to more than 15 cents on Sunday morning. On Monday, prices were down to 11 cents at the time of writing.

As of Monday, open interest in dogecoin futures is about $647 billion. Open interest is the number of contracts outstanding and not yet liquidated as a result of an offsetting transaction.

Elsewhere, according to blockchain researchers, the number of transactions on the Dogecoin chain rose from 25,000 a day last week to more than 37,000 as of Monday morning.

Musk has been a major supporter of DOGE, which has become an indirect indicator of sentiment toward it. The entrepreneur’s statements about the token have also consistently influenced its price, as previously reported.