Popcat Trading Volume Soars 500% Amid Market Manipulation Fears

Solana-based memecoin Popcat experienced a 500% surge in trading volume on November 12 due to panic and speculation over potential market manipulation on Hyperliquid DEX. Solanafloor highlighted the unusual trading activity.

Over $63 million in long positions were liquidated within four hours, with $62 million in long-side liquidations and $1.6 million in shorts.
A whale position worth $21 million was liquidated, marking the largest single liquidation outside Bitcoin and Ethereum.
Derivatives trading metrics showed a 1109.6% increase in Popcat futures volume to $1.2 billion.
The long-to-short ratio dropped to 0.89, indicating a dominance of short sellers.
Popcat's price fell 10% intraday to $0.21, dropping from the top ten ranked Solana memecoins.

Price Analysis:

Popcat saw a sharp rejection at $0.2127, followed by a 20% decline to $0.1324.
Key support lies at $0.1029; a breach could lead to a drop towards $0.0850.
Resistance is noted at $0.1578, with potential targets at $0.2127 and $0.24 if a rebound occurs.
Momentum indicators suggest fading bullish momentum and indecision amid volatility.

If manipulation concerns continue, Popcat may further decline, possibly revisiting sub-$0.10 levels before stabilizing.