<span>© 2025 Coinspeaker LTD.</span> <span>ALL RIGHTS RESERVED.</span> <br>Solana memecoin Popcat experienced explosive 500% trading volume surge following market manipulation allegations on Hyperliquid DEX, triggering $63 million in liquidations.<br>Solana-based memecoin Popcat <a href="https://www.coinspeaker.com/coins/popcat/" class="coinlive"> <span class="coinlive__badge"> <span class="coinlive__ticker">POPCAT</span> <span class="coinlive__price value-fall">$0.14</span> </span> <span class="coinlive__dropdown"> <span class="coinlive__row coinlive__vol24"> <span>24h volatility:</span> <span class="value-fall">9.7%</span> </span> <span class="coinlive__row"> <span>Market cap:</span> <span>$133.19 M</span> </span> <span class="coinlive__hr"></span> <span class="coinlive__row"> <span>Vol. 24h:</span> <span>$235.10 M</span> </span> </span> </a> recorded a 500% increase in trading volume on Nov. 12, driven by panic and speculation after reports surfaced alleging possible market manipulation on Hyperliquid DEX. News aggregator Solanafloor alerted the community to the incident, amid Popcat’s unusual intraday trading activity.<br>🚨JUST IN: <a rel="noopener noreferrer" target="_blank" href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@Solana</a> memecoin <a rel="noopener noreferrer" target="_blank" href="https://twitter.com/search?q=%24POPCAT&src=ctag&ref_src=twsrc%5Etfw">$POPCAT</a> is experiencing heavy volatility following concerns of possible market manipulation on <a rel="noopener noreferrer" target="_blank" href="https://twitter.com/HyperliquidX?ref_src=twsrc%5Etfw">@HyperliquidX</a>. In the past four hours, $63 million worth of long positions have been liquidated, including a single liquidation worth $21 million, the… <a rel="noopener noreferrer" target="_blank" href="https://t.co/g5eREvLHjs">pic.twitter.com/g5eREvLHjs</a><!----> <!-- Google adSense --> <!--<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4826868851612784" crossorigin="anonymous"></script> <ins class="adsbygoogle" style="display:block; text-align:center;margin-top:20px;margin-bottom:5px" data-ad-layout="in-article" data-ad-format="fluid" data-ad-client="ca-pub-4826868851612784" data-ad-slot="2123345046"></ins> <script>
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— SolanaFloor (@SolanaFloor) November 12, 2025
Popcat’s futures markets data from Coinglass revealed that over $63 million in long positions were liquidated within four hours, as traders rushed to close out overleveraged positions. Of this, $62 million were long-side liquidations, compared to just $1.6 million in shorts, reflecting that bullish traders booked the majority of the losses.
Popcat derivatives market analysis | Source: Coinglass
The market turbulence saw a whale position worth $21 million wiped out, the largest single liquidation outside of Bitcoin BTC $101 816 24h volatility: 0.8% Market cap: $2.03 T Vol. 24h: $62.70 B and Ethereum ETH $3 420 24h volatility: 0.2% Market cap: $413.07 B Vol. 24h: $32.19 B markets during the same period.
Derivatives trading metrics showed a 1109.6% spike in Popcat futures volume to $1.2 billion on Nov. 12, while open interest climbed 11.41% to $64.04 million. However, the long-to-short ratio dropped to 0.89, signaling a dominance of short sellers exploiting market chaos for quick profits.
Amid this turbulence, Popcat price declined 10% intraday to $0.21. Popcat has slipped from the top ten ranked Solana memecoins, according to Coingecko data, leapfrogged by Catinadogsworld (MEW) which saw a modest 5% dip on the day, and Trump-linked Melania token, which rose 17%.
Popcat’s 12-hour chart shows a sharp rejection at $0.2127, followed by a steep 20% decline to $0.1324, forming a long upper wick that signals distribution pressure. The Donchian Channel (DC) upper band near $0.2127 acted as key resistance, while the median line at $0.1578 flipped into short-term resistance after the selloff.
Momentum indicators point to cooling bullish momentum. The MACD histogram is narrowing, suggesting fading upward strength, while the Relative Volatility Index (RVI) near 56.9 signals indecision after excessive volatility.
Popcat price analysis, Nov. 11, 2025 | Source: TradingView
For bulls, maintaining support above $0.1029 is crucial to avoid a deeper correction toward $0.0850, which aligns with early November consolidation levels. A rebound above $0.1578 could restore short-term bullish bias and reopen targets toward $0.2127 and $0.24, where the next liquidity cluster lies.
However, if manipulation fears persist, Popcat risks extending its decline, potentially revisiting sub-$0.10 levels before stabilizing.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
Ibrahim Ajibade on LinkedIn
November 12th, 2025
November 12th, 2025
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