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- Popcat trading volume surged 500% amid Hyperliquid manipulation rumors.
- $63M in long positions liquidated, including a $21M whale loss.
- Price dropped 20%, testing key $0.13–$0.10 support levels.
Solana-based memecoin Popcat (POPCAT) saw an explosive 500% surge in trading volume on November 12, fueled by fears of market manipulation on decentralized exchange Hyperliquid. According to crypto data aggregator Solanafloor, the sudden spike in activity came as traders scrambled to unwind risky positions amid rumors of irregular trading behavior.
Massive Liquidations Rock Futures Market
Data from Coinglass showed over $63 million in Popcat long positions were liquidated within just four hours, one of the most severe memecoin liquidations of the month. Nearly all of it—$62 million—came from bullish traders, while only $1.6 million in shorts were affected. A single whale reportedly lost $21 million, marking the largest liquidation outside of Bitcoin and Ethereum markets during that period.
Popcat’s futures trading volume soared 1100% to $1.2 billion, while open interest rose 11.4% to $64 million. Yet, sentiment turned sharply bearish as the long-to-short ratio dropped to 0.89, showing that short sellers seized control amid panic-driven volatility.
Price Pullback and Technical Outlook
Amid the chaos, Popcat’s price tumbled 20% intraday, falling from $0.21 to a low near $0.13. On the charts, a strong rejection near $0.2127 formed a long upper wick—a sign of heavy distribution. The Donchian Channel median line at $0.1578 now acts as resistance, while momentum indicators suggest fading bullish strength.
Also Read: Bitwise BSOL ETF Options Go Live: Institutional Solana Trading Expands
If bulls fail to hold above $0.10, analysts warn the token could drop toward $0.085, revisiting early November levels. Conversely, a rebound above $0.1578 could reignite short-term bullish sentiment, targeting the $0.21–$0.24 range.
Market Confidence Wavers
Popcat’s rapid selloff pushed it out of Solana’s top ten memecoins, overtaken by rivals like Catinadogsworld (MEW) and the Melania token, which gained 17% on the same day. With manipulation fears swirling, investors are treading carefully—watching whether Popcat can stabilize above key support or spiral further into uncertainty.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
