Solana memecoin Popcat witnessed a massive 500% surge in trading volume on November 12 after reports of alleged market manipulation on Hyperliquid DEX. The news triggered panic selling and speculation among traders. According to on-chain data, Popcat’s trading activity spiked sharply before the selloff. Over $63 million in long positions were liquidated within four hours, with bullish traders taking most of the hit.
A single whale wallet suffered a $21 million liquidation, one of the largest losses outside the Bitcoin and Ethereum markets that day. Popcat futures volume shot up over 1100% to $1.2 billion, while open interest climbed to $64 million. However, the long-to-short ratio fell to 0.89, showing that short sellers took advantage of the volatile conditions.
Popcat’s price fell 10% intraday to $0.21, pushing it out of the top 10 Solana memecoins. Catinadogsworld (MEW) and Melania token overtook their position, with MEW dipping 5% and Melania rising 17%.
$POPCAT $𝟬.𝟭𝟯𝟱𝟭 🔴🔴 -7.3%
Popcat (POPCAT), a leading Solana meme coin, launched in late 2023 and has been positioned as a prime investment opportunity.
It continues to attract traction within the ecosystem, bolstered by strong fundamentals and renewed bullish sentiment. pic.twitter.com/mnDDVPL1DF
— Augura_ (@Augura_) November 12, 2025
Price Outlook: Can Bulls Hold Key Support?
Popcat’s price chart showed a sharp rejection near $0.2127, followed by a 20% decline to $0.1324. The Donchian Channel upper band acted as major resistance, while the midline at $0.1578 flipped into short-term resistance.Technical indicators point to weakening momentum. The MACD histogram is narrowing. The Relative Volatility Index (RVI) around 57 shows uncertainty after extreme price swings.
To stay stable, bulls need to protect the $0.1029 level. A breakdown below it could push the token toward $0.0850, its early November base. On the upside, a recovery above $0.1578 may revive bullish momentum and retest the $0.21-$0.24 zone.
Still, ongoing manipulation claims could keep Popcat under pressure in the short term.
