Hyperliquid halts deposits and withdrawals amid POPCAT price-propping speculation
Hyperliquid paused deposits and withdrawals on Nov. 12 after an onchain analyst speculated the action followed a trader attempting to prop up memecoin POPCAT (POPCAT). The stoppage affected token flows linked to HYPE and left users temporarily unable to move assets on the platform. Onchain observers pointed to concentrated buys and transfers around the memecoin as the likely trigger for the suspension, though concrete confirmation is still pending.
The pause matters because it highlights how fragile memecoin markets can trigger centralized exchange interventions and fuel concerns about market manipulation and liquidity risk. Hyperliquid has not publicly confirmed the analyst’s theory, so customers and traders should monitor official updates and exercise caution trading HYPE and POPCAT until the situation is clarified. Regulatory and market watchers will likely pay close attention to any follow-up disclosures.