Core Insights - Solana-based memecoin Popcat experienced a 500% increase in trading volume on November 12, driven by panic and speculation related to alleged market manipulation on Hyperliquid DEX [1] - The futures market data indicated over $63 million in long positions were liquidated within four hours, with $62 million from long-side liquidations, highlighting significant losses for bullish traders [2] - A notable whale position worth $21 million was wiped out, marking the largest single liquidation outside of Bitcoin and Ethereum during this period [2] Trading Metrics - Popcat's futures volume surged by 1109.6% to $1.2 billion on November 12, while open interest increased by 11.41% to $64.04 million [3] - The long-to-short ratio fell to 0.89, indicating a predominance of short sellers capitalizing on the market chaos [3] Price Movement - The price of Popcat declined by 10% intraday to $0.21, causing it to drop from the top ten ranked Solana memecoins [4] - Following a sharp rejection at $0.2127, Popcat experienced a steep 20% decline to $0.1324, indicating distribution pressure [5] Technical Indicators - Momentum indicators suggest a cooling bullish momentum, with the MACD histogram narrowing and the Relative Volatility Index (RVI) at 56.9, indicating indecision after excessive volatility [6] - Maintaining support above $0.1029 is crucial for bulls to prevent a deeper correction towards $0.0850, while a rebound above $0.1578 could restore short-term bullish sentiment [7]

RT Iced (@IcedKnife)life was so much better when WIF and Popcat were the solana meme coin leaders ...