Overview of the Recent Events Surrounding Popcat (SOL)
The Popcat token (SOL) has experienced a significant decline in market value following a series of high‑profile incidents on the Hyperliquid decentralized exchange. The series of events involved a coordinated manipulation attack that generated a $30 million leveraged bet, a cascade of liquidations, and a subsequent loss of approximately $5 million from Hyperliquid’s Hyperliquidity Provider (HLP) vault. The incidents have led to a 25 % drop in the token’s price, from around $0.20 to $0.12 in less than an hour.
Timeline of Key Incidents
| Date & Time (UTC) | Source | Event Summary |
|---|---|---|
| 13 Nov 2025 07:51:49 | cryptopanic.com | Hyperliquid experienced a $30 million trading collapse triggered by a single trader’s $3 million leveraged bet on POPCAT. The move caused POPCAT to fall nearly 25 %, from $0.20 to $0.12. |
| 13 Nov 2025 10:06:02 | cryptopanic.com | A flash‑crash on Hyperliquid involving POPCAT resulted in $4.9 million of manipulation allegations. An anonymous trader executed a $20 million buy wall that was later revealed to be false, leading to a cascade of liquidations. |
| 13 Nov 2025 10:30:56 | cryptopanic.com | Detailed description of the attack: $3 million was withdrawn from OKX in USDC and split across 19 wallets, followed by opening $26 million in leveraged long positions on POPCAT perpetuals. A fabricated $20 million buy wall signaled market strength before a deliberate sequence of trades exposed the manipulation. |
| 13 Nov 2025 12:16:05 | cryptopolitan.com | Allegations against Binance founder CZ for involvement in the Hyperliquid attack. CZ denied any connection to the wallet behind the incident. |
| 13 Nov 2025 14:15:50 | cryptopolitan.com | Pacifica, a Solana‑based perpetual futures DEX, achieved the highest trading volume, expanding its activity in preparation for wider adoption. |
| 13 Nov 2025 16:09:42 | cryptopolitan.com | The Czech National Bank purchased Bitcoin to create a $1 million test portfolio, including a USD stablecoin and a tokenized deposit on the blockchain. |
Impact on Popcat (SOL)
| Metric | Value |
|---|---|
| Current Close Price (2025‑11‑12) | $0.123177 |
| 52‑Week High (2024‑11‑16) | $2.06741 |
| 52‑Week Low (2025‑10‑09) | $0.0796352 |
| Market Capitalization | $112,618,321.62 USD |
The manipulation attack led to:
- A rapid decline of 25 % in the token’s price within a single hour.
- Losses of $5 million in Hyperliquid’s liquidity pool.
- Triggered liquidations that amplified market volatility.
Market Context
While the Popcat token suffered a sharp decline, other assets on the Solana ecosystem experienced increased activity. Pacifica’s rise to the top spot for most active trading volumes indicates broader interest in Solana-based derivatives. Additionally, the Czech National Bank’s acquisition of Bitcoin for a test portfolio suggests a growing institutional interest in digital assets, although this action did not directly involve Popcat.
Conclusion
The series of attacks on Hyperliquid and the subsequent flash crash have severely impacted Popcat (SOL). The coordinated manipulation involving leveraged positions, false buy walls, and rapid liquidation has resulted in substantial losses for the exchange’s liquidity provider and a significant drop in the token’s market value. Investors and market participants should consider the heightened risk of manipulation for meme tokens operating on decentralized exchanges.
