TLDR:
- POPCAT price drops 21.49% in 24 hours amid high trading volatility on Solana.
- $63M worth of POPCAT longs liquidated, including a single $21M position.
- Trader used $3M USDC across 19 wallets, triggering mass liquidations.
- Hyperliquid absorbed $4.9M losses, paused Arbitrum bridge temporarily.
The Solana memecoin POPCAT has seen a steep price decline in recent trading sessions. According to CoinGecko, the token currently trades at $0.1259 with a 24-hour volume of $243.6 million.Â
POPCAT fell 21.49% in the past 24 hours, despite a slight 0.55% gain over the past week. Traders have witnessed extreme volatility, with intraday prices ranging from $0.1249 to $0.2054 as of this writing.
POPCAT Market Manipulation Sparks Massive Liquidations
Data from SolanaFloor shows that POPCAT faced sharp selling pressure following large liquidations on Hyperliquid.Â
In the past four hours (at press time), $63 million worth of long positions were liquidated, including a single $21 million liquidation. This marked the largest non-Bitcoin or Ethereum liquidation on the platform.Â
JUST IN: @Solana memecoin $POPCAT is experiencing heavy volatility following concerns of possible market manipulation on @HyperliquidX. In the past four hours, $63 million worth of long positions have been liquidated, including a single liquidation worth $21 million, the… pic.twitter.com/g5eREvLHjs
— SolanaFloor (@SolanaFloor) November 12, 2025
Analysts linked the volatility to unusual trading behavior by a single unidentified trader.
Blockchain monitoring reveals the trader withdrew $3 million USDC from OKX and split the funds across 19 wallets. The trader opened massive long positions totaling roughly $20 million to $30 million on POPCAT.Â
A large buy wall at $0.21 created the appearance of strong demand, attracting other traders to enter longs. When the buy wall was removed, all positions were instantly liquidated, triggering further downward pressure on the token.
Hyperliquid’s HLP system absorbed the liquidations, resulting in an additional $4.9 million loss for the platform. The exchange later intervened manually to close remaining exposures and stabilize prices.Â
Community analysts suggest the incident was likely a deliberate market test or attack. The Arbitrum bridge was temporarily paused, although other deposits and withdrawals continued without disruption.
Market watchers note this is the third market disruption on Hyperliquid this year. The repeated incidents raise concerns about liquidity concentration and systemic risk on the exchange.
POPCAT’s volatility underlines the risks of trading highly speculative Solana-based memecoins. Investors are advised to monitor order books and liquidity before entering large positions.
Analysis of POPCAT Price and Market Response
CoinGecko data confirms POPCAT’s current price range and trading volume, reflecting the sharp intraday swings.Â
The 24-hour high reached $0.2054 before collapsing to $0.1249 at publication. Trading activity surged as liquidation events prompted panic selling and automatic HLP intervention. Analysts emphasize that such extreme price swings are unusual outside major cryptocurrencies.
The community is closely tracking Hyperliquid’s response to prevent further disruptions. Wallet addresses involved in the manipulations have been publicly identified and analyzed.Â
Transparency of these wallets allows researchers to track trading patterns and risk exposures. Observers are now evaluating whether regulatory oversight might be necessary for high-leverage trading on smaller tokens.
POPCAT’s market behavior highlights the fragility of meme-based Solana tokens under concentrated trading stress. The event serves as a case study of how leverage, buy walls, and large wallets can drastically influence token pricing.Â
Traders on other platforms are monitoring whether similar patterns could replicate elsewhere. Volatility remains high as liquidity providers adjust positions to manage risk.
The post Why Solana Memecoin POPCAT Price Is Dumping appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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