The crypto market slides amid growing uncertainty. Let’s explore the key trends and events on Nov. 12.
Solana memecoin Popcat experienced a 500% surge in trading volume on November 12 amid allegations of market manipulation on Hyperliquid DEX, triggering over $63 million in liquidations—including a $21 million whale position—with long traders accounting for $62 million of the losses.
Popcat price analysis, Nov. 11, 2025 | Source: TradingView
The turmoil sent Popcat’s price plummeting 20% intraday to $0.1324, pushing it out of the top ten Solana memecoins as futures volume spiked 1,109% to $1.2 billion while the long-to-short ratio dropped to 0.89, signaling short seller dominance.
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Visa launched a pilot program on November 12 allowing businesses to send fiat payments that recipients can receive as US dollar-backed stablecoins in their compatible wallets, targeting international businesses, marketplaces, and gig economy platforms that meet KYC/AML requirements.
The move marks Visa’s deepening commitment to blockchain payments in 2025, building on its September 30 stablecoin prefunding pilot as mainstream finance embraces crypto infrastructure following the Trump administration’s regulatory support.
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SEC Chairman Paul Atkins proposed a token classification framework on November 12 that introduces four categories—digital commodities, collectibles, tools, and tokenized securities—with a “sunset” provision allowing tokens to transition out of securities status once their networks achieve sufficient decentralization.
The “Project Crypto” initiative aims to streamline regulation by permitting post-contract assets to trade on CFTC-regulated or state-regulated platforms, marking a significant shift from the enforcement-heavy approach that had halted US retail token sales since 2018.
Read more details here.
Astar Network unveiled a new roadmap detailing plans to enhance its native ASTR token, reduce its supply, expand cross-chain utility, and give the community greater governance power.
As part of the announcement, Astar introduced its upcoming Tokenomics 3.0 framework, which transitions ASTR from an inflationary model to a fixed supply capped at 10.5 billion tokens (this number can be lower after the planned “Burndrop” event).
Meteora (MET) has jumped 38% in the past 24 hours, accompanied by a nearly 150% surge in trading volume. The rally represents a breakout from a rounded bottom pattern that had formed over the past few weeks in the $0.33–$0.40 range. The token is currently trading at $0.55.
This jump appears to be fueled by recent listings on Crypto.com and Coinbase Perpetuals.
