Popcat Plummets 25% After $30M Trading Frenzy-Hilarity Ensues

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In a masterclass of financial folly, the DeFi universe was flipped upside down faster than you can say “rug pull.” Hyperliquid, that shining beacon of stability, decided to throw a $30 million tantrum thanks to a lone trader with a flare for the dramatic-dipping a measly $3 million into the meme coin sensation, POPCAT. Because nothing says “investment strategy” like reckless disregard and a strong dose of meme fervor. 😹

The result? POPCAT, the meme coin darling, plummeted nearly 25%, tumbling from $0.20 to a measly $0.12. Think of it as the crypto version of your diet after Thanksgiving-sudden, messy, and full of regret. Over $5 million evaporated from Hyperliquid’s liquidity pool faster than your paycheck on payday.

Popcat crashing

The Mastermind Behind the Meme Mayhem

According to some clever DeFi analyst named Hanzo, this all started when an anonymous trader-think ghost, but with a bankroll-pulled $3 million USDC from OKX and split it across 19 wallets on Hyperliquid. If you think the line of thinking here is about as clear as mud, you’re right.

With a 10x leverage, this daring hero of chaos threw nearly $30 million at POPCAT, turning what was supposed to be a casual gamble into a full-blown tsunami. And because no good scam is complete without a little theatrical flair, our mysterious trader then placed $20-$30 million worth of buy orders at $0.21 on other exchanges, making it look like everyone and their dog wanted a piece of the action. 🐶

Fake buy wall

The Price of a Poor Poker Face

As if that wasn’t enough excitement, the trader then canceled all those fake orders-poof!-and the market, perhaps feeling betrayed, did what markets do best: panic. POPCAT’s price sharp-slid by nearly 25% in minutes, sparking a liquidation frenzy that would make Black Friday look tame.

The brilliant trader lost his entire $3 million collateral, which is like losing a lotto ticket in Vegas. Hyperliquid’s liquidity pool heroically absorbed the $26-$28 million in long positions, effectively stepping into the breach like the overworked lifeguard at a pool party.

Meanwhile, the HLP sustained an additional $4.9 million in damage-because, really, what’s a little financial disaster without a sprinkle of chaos? 💸

Hyperliquid’s High-Stakes Minesweeper

The brave (or foolish) team at Hyperliquid manually closed positions, hit pause on their Arbitrum bridge-because, sure, why not?-and hoped it would all blow over. Deposits and withdrawals stayed open, because it’s not like anyone needs liquidity during a meltdown, right?

Some say it was just a botched stunt gone wrong, while others whisper about elaborate stress tests or, even better, a sneaky plan to exploit the system-because why not add a little conspiracy to your morning latte? ☕

And if this sounds familiar, it’s because Hyperliquid already has a reputation for these “minor” incidents in 2025-third time’s the charm, or so they say.

Popcat’s Price Dives-Bye Bye, $0.20!

After the chaos, Popcat soon found itself swimming in a sea of liquidations-around $65 million in the past day alone. Investors panic-sold long positions worth over $62 million, because why hold on when the meme coin hero is crashing faster than a sitcom dad on roller skates?

The price tumbled from a lofty $0.20 down to around $0.12. Analysts, ever the prophets of doom, warn that if support levels fail, Popcat could be sliding below the $0.10 mark-because who doesn’t love a little hyperbole? 😅

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2025-11-13 10:55