Whale Manipulation Sparks POPCAT Volatility on Hyperliquid
On Nov. 12, on-chain monitoring picked up abnormal price swings in POPCAT (ticker POPCAT) that analysts traced to a single aggressive trader executing large directional orders on Hyperliquid. The pattern — repeated high-size trades and heavy order-book pressure — coincided with sharp declines in quoted liquidity and gave the appearance of deliberate price movement intended to cause losses for liquidity providers.
The episode underscores risks for LPs and traders in thinly liquid markets and centralized order-book venues; affected participants may see forced exits, liquidations, and diminished confidence in the token pair (including HYPE). Market surveillance teams and on-chain analysts are continuing to monitor open interest and liquidity metrics. Traders and liquidity providers should review exposure and order-book depth until normal conditions return.