Popcat Volume Surges 500% on Hyperliquid Amid Manipulation Claims, $63M Liquidated
Popcat (POPCAT) experienced an explosive 500% jump in trading volume on Nov. 12 after accusations of market manipulation surfaced on Hyperliquid (HYPE), a Solana-based DEX that supports leveraged positions. The spike coincided with cascading liquidations estimated at about $63 million, pressuring liquidity and sending volatility through SOL-linked markets. Traders using leverage were hit hardest as stop-losses and margin calls amplified price swings.
The episode underscores running concerns about risk controls on decentralized margin platforms and the contagion potential for the broader Solana ecosystem. For market participants, the incident is a reminder to reassess leverage use and counterparty exposure; for platforms, it may prompt tighter safeguards or scrutiny from regulators. Watch for follow-up probes from Hyperliquid and whether other DEXs implement circuit breakers or clearer surveillance to curb similar manipulation risks.