Why popcat Is Trending Today?

Hyperliquid, a cryptocurrency platform, suffered a significant loss of approximately $5 million due to a POPCAT attack, a type of price manipulation scheme. The incident, which occurred in 2025, is part of a larger trend where such manipulations have resulted in a total loss of $42 million in the DeFi sector. The attack targeted Hyperliquid's HLP token, causing its price to come under pressure. The incident has drawn scrutiny from on-chain investigators, with BTX Capital, a suspected party involved, facing intense examination.

Popcat, a Solana-based memecoin, has experienced significant price fluctuations and market turmoil. Sellers currently hold the upper hand, with support weakening near $0.12. The coin's price has crashed by 25% in 24 hours, leading to allegations of market manipulation and coordinated attacks on the Hyperliquid exchange. These incidents have resulted in substantial losses for Hyperliquid, totaling up to $4.9 million. The manipulation attempts involved aggressive trading by a large investor, or 'whale', on the Hyperliquid decentralized exchange (DEX). Following these events, Hyperliquid temporarily paused some withdrawals and later suspended transfers entirely. Despite the controversy, Popcat has seen a 500% surge in trading volume.