Solana Memecoin Popcat Sees 500% Volume Surge Amid Hyperliquid DEX Manipulation Claims

Solana-based memecoin Popcat POPCAT $0.0482 24h volatility: 3.5% Market cap: $47.27 M Vol. 24h: $15.17 M 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.

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🚨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

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.

The market turbulence saw a whale position worth $21 million wiped out, the largest single liquidation outside of Bitcoin BTC $67 333 24h volatility: 2.0% Market cap: $1.35 T Vol. 24h: $52.24 B and Ethereum ETH $1 946 24h volatility: 3.2% Market cap: $234.74 B Vol. 24h: $22.21 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 Price Forecast: Can Bulls Defend the $0.13 Support After 20% Intraday Crash?

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.

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.

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