This is the worst possible week to write a cheerful Solana meme coin list, which is exactly why it is the right week to write an honest one. Solana fell from $81 to around $71 in seven days. The macro backdrop is ugly, with markets selling risk on Middle East tensions and a US inflation print landing today. And the sector’s flagship, BONK, just had roughly $20 million drained from its DAO treasury through a malicious governance proposal. A calm market flatters every coin. A week like this shows you which ones actually hold.
The frame, as always on this site: there is no single best Solana meme coin, and in a red week the question is not “what pumps” but “what survives.” This list ranks the sector’s main names by current data as of July 14, 2026, each with its case and its risk. Prices move fast in conditions like these; check live charts before acting on anything here.
The One Number That Matters $20 million. That is the approximate value of BONK tokens drained from BonkDAO’s treasury after a malicious governance proposal passed, according to the project’s own disclosure on its official X account. One week ago, in our meme coin rankings, we wrote that someone large was selling BONK into strength and that the coin was a knife until that flow exhausted. Now the market knows part of the answer: stolen treasury funds were tracked moving to exchanges, and Upbit suspended BONK deposits and withdrawals in response. The lesson is bigger than one coin. Meme coins with on-chain governance carry a risk that has nothing to do with charts: the treasury itself is an attack surface. Price it in everywhere.
1. Dogwifhat (WIF): the sector’s liquid veteran Price: $0.1726 as of July 14, 2026. Chart on CoinGecko.
The case: WIF remains one of the most recognized Solana memes with deep exchange coverage, and it carries no DAO treasury to rob. In a week where governance itself became the risk, a plain token with nothing to govern is suddenly a feature. Its all-time high sits above $4.80, more than twenty-five times today’s price, which is the size of the recovery runway if a real Solana meme cycle ever returns.
The risk: that runway exists because the fall was catastrophic, and nothing guarantees a way back. WIF is pure attention with no burn mechanics, no ecosystem products, and a chart that has spent a long time going one direction.
2. Bonk (BONK): the wounded flagship Price: $0.000004113. Market cap: $361.7 million. 24h: minus 2.5%. 7d: minus 10.8%. Volume: $20.8 million. Chart on CoinGecko.
The case: even after the hack, BONK remains the most built-out meme on Solana: over 350 integrations, ongoing fee burns through BonkBot, a corporate treasury holder in Nasdaq-listed Safety Shot, and the LetsBonk launchpad. Infrastructure like that does not evaporate with one exploit, and the token is already 92.9% below its late-2024 high, meaning a great deal of bad news is priced.
The risk: the $20 million governance drain is not fully resolved risk, it is a live event. Stolen funds moving to exchanges can mean continued sell pressure, an exchange suspension (Upbit) restricts flow, and the deeper question is trust in the DAO structure itself. Our full breakdown is in today’s BONK news coverage. Until the dust settles, this is a falling knife with a documented reason to fall.
3. Pudgy Penguins (PENGU): the brand that keeps not dying Price: $0.006180 as of July 14, 2026. Chart on CoinGecko.
The case: a week ago PENGU was quietly outperforming Dogecoin; this week it has bled less than the sector around it. The NFT-brand crossover gives it something almost no meme has: revenue-generating intellectual property outside crypto, from toys to licensing. In a drawdown, having any fundamental at all is a moat.
The risk: brand does not exempt it from beta. When Solana falls 13% in a week, everything on Solana eventually follows, and PENGU’s cap (around $400 million at last full reading, verify live) still prices a lot of optimism.
4. Fartcoin (FARTCOIN): the attention veteran of the AI-meme corner Price: $0.1294 as of July 14, 2026. Chart on CoinGecko.
The case: it survived. That sounds like a joke, but in a sector where most tokens die within months, Fartcoin has held a nine-figure presence across multiple cycles and remains one of the names traders rotate back to when Solana meme appetite returns.
The risk: everything that makes it durable is sentiment, and sentiment is exactly what a macro-driven sell-off destroys first. No mechanics, no floor, no promises.
5. Official Trump (TRUMP): the headline token Price: $1.65 as of July 14, 2026. Chart on CoinGecko.
The case: TRUMP has been remarkably stable through the chaos, barely moved over recent sessions while the sector bled. A holder base that does not trade the macro is its own kind of strength.
The risk: this token is event risk incarnate. It moves on headlines about one person, and in a geopolitically loud month, headlines are not in short supply. Treat any position as a bet on news flow, not on crypto.
The ecosystem wildcard: Pump.fun (PUMP) Not a meme coin itself but the token of Solana’s dominant meme launchpad, PUMP was one of the few green prints on the board today, up over 14% at $0.001502. When traders bet on the casino rather than any single table, this is the ticket they buy. The risk mirrors the thesis: if Solana meme activity keeps shrinking with SOL down at $71, launchpad revenue shrinks with it.
Key Levels to Watch SOL itself is the master switch: the sector does not sustainably rally while SOL bleeds, and $70 is the round number under today’s price. BONK: the recent range floor near $0.0000040 has to hold, and hack headlines override any level. WIF: $0.15 is the line that keeps the structure from a fresh breakdown. PENGU: $0.0060 held so far this week; below it the brand thesis gets tested by price.
Bottom Line This week’s honest ranking is defensive. The safest-looking names are the ones with something beyond sentiment: PENGU’s brand, BONK’s infrastructure (wounded as its governance is), WIF’s simplicity and liquidity. The $20 million BonkDAO drain is the sector’s warning label of the month: in meme land, the chart is not the only thing that can attack you. Size small, expect violence, and let SOL’s own price tell you when the weather changes.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
Frequently Asked Questions What is the best Solana meme coin right now? There is no single best one, especially in a falling market. By infrastructure BONK leads despite its hack, by external brand value PENGU, by liquidity and simplicity WIF. All are high risk.
What happened to BONK this week? BonkDAO disclosed that a malicious governance proposal drained roughly $20 million in BONK from its treasury. Funds were tracked to exchanges, Upbit suspended BONK deposits and withdrawals, and the token fell about 10% on the week.
Why are Solana meme coins falling? Solana itself dropped from about $81 to $71 in a week amid a broad risk-off move tied to Middle East tensions and US inflation data, and meme coins fall harder than their base chain in both directions.
Is WIF a good buy at $0.17? WIF trades more than twenty-five times below its all-time high above $4.80, which is both the opportunity and the warning. It is a pure sentiment asset; only speculate with money you can lose.
Does PENGU have real value behind it? Pudgy Penguins is the rare meme token attached to revenue-generating brand IP, including toys and licensing. That supports the story but does not protect the price in a sector-wide drawdown.
Are meme coin DAOs safe? The BonkDAO incident shows treasury governance is an attack surface: a passed malicious proposal drained funds. Any token with an on-chain treasury carries this risk on top of market risk.
Fartcoin [FARTCOIN], a once-leading memecoin, surged 21% after its holder count reached a new record.
While that provided the immediate catalyst, activity across the perpetual futures market, particularly on Binance, suggested the rally could extend further. Even so, downside risk remained, with on-chain data highlighting large liquidity clusters below the current price.
Why did FARTCOIN rally? The rally followed a modest increase in FARTCOIN’s holder count, which rose to a new all-time high. The number of token holders increased from 161,230 to 161,310.
That translated to roughly 80 new holders. However, the increase appeared to come from a relatively small group of investors rather than broad market accumulation.
The Whale vs Retail Delta, a metric that tracks whether large investors or retail traders drive activity, suggested retail participation increased.
Source: CoinGlass The Whale vs Retail Delta fell sharply from its recent high to 0.038. Although the reading remained in whale territory, the decline suggested retail traders had driven much of the recent price action.
Retail investors often react more quickly to market swings, leaving rallies vulnerable to sudden selling. That made perpetual futures activity worth watching.
Are futures traders still buying? Volume analysis showed bullish sentiment dominated trading over the past day.
Across the 19 exchanges where FARTCOIN traded, 15 recorded higher buying volume than selling volume. Binance accounted for most of that activity. Long trading volume reached $12
Source: CoinGlass On top of that, Funding Rates remained positive, reinforcing the case that FARTCOIN could extend its rally.
At the time of writing, the Funding Rate stood at 0.0201%, suggesting traders continued paying to maintain long positions. That indicated bullish positioning remained dominant.
Overall, FARTCOIN could extend its gains if buying demand persisted.
Could liquidity trigger a pullback? The Liquidation Heatmap suggested the rally still faced downside risks.
At the time of writing, a large liquidity cluster sat below the current price. While these clusters often represent resting buy orders, the price frequently moves lower to collect that liquidity before resuming its trend.
By contrast, liquidity above price remained relatively limited, suggesting near-term upside could be constrained. However, the heatmap covered only a limited price range.
FARTCOIN’s 21% rally was supported by roughly 80 new holders, strong buying volume across 15 of 19 exchanges, and positive Funding Rates.
However, liquidity concentrated below the current price suggested a pullback remained possible before any broader advance.
Source: CoinGlass Final Summary FARTCOIN rallied 21% as its holder count reached a new all-time high, with roughly 80 new wallets added. Retail traders appeared to drive the move, as the Whale vs Retail Delta dropped sharply despite remaining in whale territory.
Bitcoin and top altcoins like Venice Token, Kaia, Ravencoin, Fartcoin, and SPX6900 rose on Monday as U.S.-China trade talks got underway.
Bitcoin (BTC) climbed to $108,000, its highest level since May 29, marking a 7.55% gain from its monthly low. Venice Token (VVV) rose to $3.52, sharply up from this month’s low of $2.56.
Similarly, Kaia (KAIA), Ravencoin (RVN), Fartcoin (FARTCOIN), and SPX6900 (SPX) jumped by over 10% on Monday. This surge brought the market capitalization of all coins to over $3.35 trillion.
The likely catalyst was the easing of trade tensions between the United States and China, with negotiations beginning in London on Monday afternoon. Talks are expected to extend into Tuesday.
Markets are hopeful that the two sides will reach an agreement to ease export controls and possibly reduce tariffs. Such an outcome would likely temper investor fears that have lingered for months amid escalating trade restrictions.
Bitcoin and altcoins rose as accumulation continued. Strategy bought 1,045 coins worth $110 million last week, bringing its total holdings to 582,000 coins worth over $62 billion. Other companies like Trump Media, MetaPlanet, and GameStop have continued buying Bitcoin.
This wave of accumulation has pushed the amount of Bitcoin held on exchanges down to 1.18 million, compared to 1.57 million on January 1. Declining exchange balances are typically viewed as bullish, indicating that investors are moving assets into self-custody for long-term holding.
Bitcoin supply on exchanges | Source: Santiment Bitcoin also jumped after some bullish statements from top players in finance. Cathie Wood believes that Bitcoin price could jump 15x from here in the next five years. FundStrat’s Tom Lee also believes that the coin will end the year at between $200,000 and $300,000 this year.
Bitcoin price cup and handle pattern activates BTC price chart | Source: crypto.news Further, Bitcoin and other altcoins rose as Bitcoin’s cup-and-handle pattern activated. As the chart above shows, it has moved above the upper side of the descending channel, pointing to an eventual surge to $142,000, as we predicted here. Altcoins do well when Bitcoin is in a strong rally.
Bitget Token (BGB), Ondo (ONDO), and Fartcoin (FARTCOIN) have emerged as top-performing tokens over the last 24 hours, achieving double-digit gains. The recovery run in these tokens prepares for a new bullish start as capital rotation from top altcoins searches for fundamentally firm alternatives.
Bitget eyes further gains amid treasury transfer, token burnBitget team has announced the transfer of its 440 million ($2.27 billion) BGB token holdings to Morph Chain in a strategic partnership. The Morph Chain will immediately burn half of the assets to induce token scarcity, building on the 30 million tokens burned in Q2 2025.
The rest of the tokens will be released gradually at a 2% per month rate to support liquidity incentives, use case expansion, and other services.
In response to the treasury transfer and token burn, the BGB token surged over 10% on Tuesday. At the time of writing, the exchange token has gained nearly 1% on Wednesday, extending the uptrend for the third consecutive day.
The BGB recovery run targets the 78.6% Fibonacci level at $5.36, which is drawn from the $5.84 peak of May 23 to the $3.91 low of June 22. If BGB marks a decisive close above this level, it could rally to the $5.84 peak.
The uptrending Moving Average Convergence Divergence (MACD) and its signal line, after the crossover on Monday, marked a bullish shift in trend momentum. Additionally, the Relative Strength Index (RSI) is at 68, moving flat near the overbought boundary, suggesting heightened buying pressure nearing the saturation levels.
BGB/USDT daily price chart.
Looking down, a potential reversal below the 61.8% Fibonacci level at $5.01 could extend the decline to $4.78, aligning with the 50% retracement level.
Ondo recovers with the RWAs' expansionOndo Finance announced the debut of over 100 tokenized stocks and Exchange Traded Funds (ETFs), as previously reported by FXStreet. Ondo edges higher by over 2% at press time on Wednesday, extending the 7% rise on Tuesday, driven by the expanding Real World Asset (RWA) tokenization by Ondo on the Ethereum network.
The bounce back in ONDO from the 23.6% Fibonacci level at $0.87, which is drawn from the $1.60 high of December 15 to $0.67 low of June 22, targets the 38.2% Fibonacci level at $1.02.
The MACD reverses to converge with its signal line, indicating that the trend momentum is turning bullish. Additionally, the RSI at 52 has crossed above the halfway line, suggesting upside potential for further growth.
ONDO/USDT daily price chart.
Looking down, if ONDO fails to uphold the newfound momentum, it could retest the $0.87 support floor.
Fartcoin eyes further gains with wedge pattern breakoutFartcoin trades in the green by 0.50% at press time on Wednesday, following the 10% jump from the previous day. The meme coin’s recovery marks an upcycle within a falling wedge pattern on the daily chart.
A potential close above the trendline at $0.85 could target the $1.00 psychological milestone.
The MACD prepares for a crossover above its signal line, which would trigger a buy signal as bullish momentum revives. Still, the RSI is at 43, inching closer to the halfway line to overcome the bearish influence.
FARTCOIN/USDT daily price chart.
Looking down, if FARTCOIN marks a close below the previous week’s low at $0.683, it would invalidate the wedge pattern, potentially targeting the $0.57 support level.
PANews reported on December 19th that, according to SoSoValue data, the cryptocurrency market continued its decline, with the AI sector leading the drop at 5.34%. Within the AI sector, Fartcoin (FARTCOIN) fell 19.81%, while OriginTrail (TRAC) and Kite (KITE) remained relatively resilient, rising 1.18% and 1.96% respectively. Additionally, Bitcoin (BTC) fell 0.80%, breaking below $86,000; Ethereum (ETH) fell 0.17%, fluctuating narrowly around $2,800.
In other sectors, the CeFi sector fell 2.05% in the last 24 hours, with Aster (ASTER) down 7.41%; the Layer 1 sector fell 2.75%, with Zcash (ZEC) rising 3.52% intraday; the DeFi sector fell 3.73%, with Beldex (BDX) rising 13.63% within the sector; the PayFi sector fell 3.74%, but Bitcoin Cash (BCH) rose 3.33%; the Layer 2 sector fell 4.44%, with Zora (ZORA) falling 12.56%; the Meme sector fell 4.76%, with Pump.fun (PUMP) falling 10.90%.
Solana’s price action this year has followed a clear but uncomfortable pattern. After pushing to a new all-time high around the $296 region in January, the rally quickly lost momentum and transitioned into a steady decline that has persisted for months.
Many traders have attributed this weakness to a risk-off sentiment across crypto, but a deeper on-chain breakdown shared by crypto analyst Ardi on X suggests the story began well before the January peak and has more to do with who was buying and who was quietly exiting.
Distribution Was Already Underway Before The January Peak Solana has been on a clear downtrend since September, when it reached a lower high of around $247 compared to its January 19 all-time high of $293. One of the most important insights from Ardi’s analysis is that Solana’s January all-time high did not mark the start of distribution but rather the culmination of it.
The chart attached to his post shows that selling volume was already increasing months earlier, well ahead of October, meaning that large holders were positioning for exits long before price reached its final peak. From that perspective, the January high looks less like the beginning of a new expansion phase and more like the last push of a rally.
Source: Chart from Ardi on X After that point, price action began forming lower highs, and each rebound attempt lacked the strength needed to reclaim the all-time high. Interestingly, Solana failed to reach a new all-time high, even as other large market cap cryptos like Bitcoin, Ethereum, XRP, and BNB pushed to new all-time highs during the year.
Another interesting feature of the data is the widening gap between retail behavior and that of larger players. Cumulative delta metrics on the chart show that retail-sized wallets have been consistently active throughout the year and are increasing their activity even as Solana’s price moved lower.
On the other hand, mid-sized and institutional wallets tell a very different story. Their activity has been trending downward for months, starting from the January peak and extending up until the time of writing.
Is Solana’s Price Becoming Dependent On Memecoin Activity? Ardi’s analysis also raises a broader question about what is currently driving demand for Solana. Outside of retail activity on Solana itself, one of the few consistent sources of activity has been the memecoin sector. Successes and booms of meme coins like Cat in a Dogs World (MEW), Peanut the Squirrel (PNUT), and Fartcoin (FARTCOIN), which gained traction in the second half of 2024, contributed to Solana’s push to all-time highs during those periods.
Those meme coin successes culminated with the launch of the Official Trump ($TRUMP) token in January 2025 on Solana, which experienced eye-watering gains shortly after its launch. This, in turn, contributed to Solana’s all-time high in January.
However, since then, the TRUMP token and other Solana-based meme coins have been trending downwards in recent months and no longer command the same level of attention or trading intensity they had this time last year. That has led to the view that Solana’s price is increasingly sensitive to the success of memecoins in its ecosystem.
At the time of writing, Solana is trading at $121.50, down by about 58.6% from its January all-time high of $293.
SOL trading at $121 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com
The meme coin market might enjoy the coming week, owing to Christmas, which could see a surge in memes. This, in turn, could see an increase in not just joke tokens but also their value.
BeInCrypto has already identified three such meme coins that could enjoy gains this Christmas.
Animecoin (ANIME)ANIME has gained 62% over the past seven days, trading near $0.0083 at the time of writing. The meme coin is testing the $0.0084 resistance after briefly spiking to $0.0092 intraday. Strong short-term momentum reflects rising investor interest and increased speculative activity.
Technical indicators support further upside. The Parabolic SAR confirms an active uptrend, signaling buyer control. If demand remains steady, ANIME could break above $0.0084 and $0.0092.
A sustained rally may target the $0.0100 level, extending gains under favorable market conditions.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
ANIME Price Analysis. Source: TradingViewDownside risk persists if momentum weakens. Failure to sustain buying pressure could trigger profit-taking. In that case, ANIME may retrace toward the $0.0069 support.
A move to this level would invalidate the bullish thesis and signal a return to consolidation or corrective price action.
BAN has climbed 31.4% over the past week, trading near $0.090 at the time of writing. Strong investor interest is driving momentum as the meme coin approaches the $0.100 psychological level. The rally reflects improving sentiment and increasing participation from short-term traders.
Technical signals support the bullish case. Exponential moving averages show a developing golden cross, with the 50-day EMA crossing above the 200-day EMA. This pattern often precedes trend continuation and could help BAN break $0.093 and advance toward the $0.100 target.
BAN Price Analysis. Source: TradingViewProfit-taking remains a key risk. Holiday-driven selling could interrupt the rally as investors secure gains. If selling pressure increases, BAN may struggle to sustain momentum. A pullback could send the price toward the $0.079 support, delaying further upside progress.
Fartcoin (FARTCOIN)FARTCOIN has gained 24% over the past three days, ranking among the week’s strongest performers. Trading near $0.303, the meme coin is attempting to recover losses recorded earlier this month. Renewed momentum reflects improving short-term sentiment and increased speculative interest across the meme coin segment.
FARTCOIN benefits from a positive correlation with Bitcoin, which can amplify upside during BTC stabilization or rebounds. If this relationship holds, price could advance toward $0.320. Continued strength may open a move toward $0.358, the next major resistance level watched by traders.
FARTCOIN Price Analysis. Source: TradingViewThe correlation also introduces downside risk. A Bitcoin pullback could quickly reverse gains. In that scenario, FARTCOIN may fall below $0.280. Further weakness could drive price toward $0.244, invalidating the bullish thesis and restoring broader downside pressure.
Top Whale Watch: "BTC OG Insider Whale" Sees $27M Paper Profit, "Strategy Bear Whale" Adds $18M to ETH Short Position 2026.01.07 10:54:39
**January 7th Update** Per the Coinbob Popular Address Monitor, market recovery has boosted the "BTC OG Insider Whale’s" unrealized profits to $27 million. Meanwhile, the "Strategy Counterparty" has expanded its ETH short position to $79.5 million. Most whales held positions steady or made minor adjustments; key details below: ### BTC OG Insider Whale Total unrealized profits hit $27.06 million. Its core holding is an ETH long position (16% profit) worth ~$660 million at an average entry of $3,147 (unrealized gain: $21.33 million). It also holds profitable BTC and SOL long positions. Total account holdings sit at ~$825 million, making it the top ETH, BTC, and SOL long holder on Hyperliquid. ### CZ Counterparty Current ETH long position has $3.5 million in unrealized profits (~$185 million holding, avg $3,190). It also holds an XRP long position (~$87.95 million) with $1.05 million in unrealized losses. It’s the largest XRP long holder and second-largest ETH long holder on Hyperliquid; weekly profits hit $30.61 million, with no recent position changes. ### ZEC Largest Short Closed ~$1.6 million in MON short positions overnight/this morning; current MON short holding sits at ~$8.07 million (avg $0.028, $20k unrealized loss). Its ETH short position has flipped from profit to loss (~$149 million holding, avg $3,239). Total short holdings: ~$182 million, with $13.85 million in weekly losses. It’s the top short holder for ETH, ZEC, and MON on the platform. ### Shanzhai Air Force Leader Opened a ~$340k BTC short position. Recently added to holdings of PUMP/MET, plus short positions on Solana-chain meme coins PEPE and Fartcoin—total related short size now ~$6 million. It remains the largest LIT short holder on Hyperliquid (~$14.17 million, avg $2.7, $1.65 million unrealized loss). ### pension-usdt.eth Launched a 3x-leveraged ETH short position with $2.31 million in unrealized losses. Current holding: ~$65 million (avg $3,136, liquidation price: $4,547). ### Strategy Opponent Position Added ~$18 million to its ETH short position yesterday through today, bringing total holding to ~$79.5 million (avg $3,145, $2.55 million unrealized loss). It’s also the largest BTC short whale on Hyperliquid (~$139 million, avg $91,300).
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A high-conviction trader deployed a $7.76 million 10x long on Fartcoin near range lows, signaling confidence as price compresses after months of downside exhaustion.
Price had already completed a prolonged downtrend and shifted into sideways consolidation. Instead of chasing strength, the trader positioned into compression.
This reflects a structural bet rather than momentum chasing. Moreover, the leverage choice amplifies intent while increasing exposure risk.
However, whales rarely commit size without favorable risk-reward conditions. They often act when downside pressure fades.
Fartcoin price coils tightly after the downtrend ends Fartcoin [FARTCOIN] continued trading inside a well-defined range after completing its broader downtrend.
Price stalled repeatedly below $0.47, which stood as the nearest resistance. That level capped multiple recovery attempts.
Above it, $0.74 emerged as secondary resistance, aligning with former support that flipped into supply.
Further overhead, $0.96–$0.98 marked another rejection zone, followed by the macro ceiling at $1.20.
On the downside, range lows continued attracting buyers, consistently absorbing sell pressure.
Meanwhile, the MACD flattened near the zero line, with shallow positive histogram bars and a gradual upward curl.
That structure reflected fading bearish momentum rather than aggressive upside, suggesting stabilization beneath the price.
Source: TradingView Open Interest rises as price stays flat Open Interest climbed 6.18% to $265.53 million while Fartcoin’s price remained range-bound.
That divergence signaled fresh leverage entering without immediate price expansion. Traders positioned in anticipation, not reaction.
Rising Open Interest during consolidation often preceded volatility expansion. However, the leverage introduced fragility.
If support held, leverage-fueled upside continuation. If it failed, leverage accelerated downside.
Still, the price absorbed added exposure calmly. That behavior reduced immediate breakdown risk. For now, Open Interest supported consolidation rather than instability.
Source: CoinGlass Top traders lean heavily bullish Binance data showed 67.99% of top trader positions skewed long, pushing the Long/Short Ratio to 2.12.
That reflected a strong directional bias, rarely formed without conviction. Even so, crowded sentiment increased vulnerability. Failed breakouts punished longs quickly.
Here, bullish positioning aligned with basing price action and rising Open Interest. That confluence strengthened the upside case.
Still, range lows required defense. Otherwise, conviction turned into liquidation fuel.
Source: CoinGlass Fartcoin liquidations stay contained despite leverage Liquidation data pointed to stability rather than stress across FARTCOIN Derivatives.
Total liquidations stood near $66,000, with short liquidations around $55,190 outweighing long liquidations near $11,060.
That imbalance mattered. Shorts absorbed pressure without triggering upside acceleration, while longs avoided cascading exits.
Exchange-level data showed no outsized forced selling on the long side.
Leverage entered methodically, not recklessly. Even so, equilibrium rarely persisted indefinitely. A decisive range break would likely expand liquidation flows in the breakout direction.
Source: CoinGlass Fartcoin sat at a clear inflection point. Whale conviction, rising Open Interest, bullish positioning, and controlled liquidations pointed toward a buildup rather than a breakdown.
Even so, the range still governed direction. A break above $0.47 could shift momentum decisively. Failure kept the risk elevated.
Final Thoughts Fartcoin’s current setup reflects patience rather than panic, with leverage, positioning, and price structure holding in balance. A sustained move beyond the range could validate that buildup, while failure would quickly test trader conviction.
Crypto sells off amidst Trump Tariff Turmoil! $Trove falls 90% in awful TGE! Pump Fund announced!
Crypto majors are red following Trump’s tariff turmoil; BTC -2% at $91,100; ETH -4% at $3,105, SOL -3% at $129; XRP -2% to $1.93. CC (+12%), MYX (+5%) and SYRUP (+4%) led top movers. The NYSE began preparations for 24/7 tokenized stock and ETF trading. Steak ’n Shake revealed roughly $10M in Bitcoin exposure alongside the creation of a corporate BTC strategic reserve. Vitalik Buterin called for more sophisticated DAO governance models to improve accountability, coordination, and long-term sustainability. Bermuda outlined plans for a fully onchain national economy, working with Coinbase and Circle on payments, identity, and tokenized financial infrastructure. In Corporate Treasuries / ETFs. The BTC ETFs saw $394M in net outflows on Friday breaking a 4-day inflow streak; ETH ETFs stayed green with $4.7M in inflows. In Memes / Onchain Movers. Meme majors were red along with majors; Doge -1%, Shiba -1%, PEPE -2%, TRUMP -1%, Bonk -1%, Pengu -4%, SPX -12%, WIF -1% and Fartcoin -8%. USOR (+70%), GSD (+50%), and Eliza Town (+800%) led onchain movers.
Trump Tariffs 3: Return of the Bull Market! NYSE Tokenising, what that means for $Hype! Claude Meme Meta!
Crypto majors are red following Trump’s tariff turmoil; BTC -2% at $91,100; ETH -4% at $3,105, SOL -3% at $129; XRP -2% to $1.93. CC (+12%), MYX (+5%) and SYRUP (+4%) led top movers. The NYSE began preparations for 24/7 tokenized stock and ETF trading. Steak ’n Shake revealed roughly $10M in Bitcoin exposure alongside the creation of a corporate BTC strategic reserve. Vitalik Buterin called for more sophisticated DAO governance models to improve accountability, coordination, and long-term sustainability. Bermuda outlined plans for a fully onchain national economy, working with Coinbase and Circle on payments, identity, and tokenized financial infrastructure. In Corporate Treasuries / ETFs. The BTC ETFs saw $394M in net outflows on Friday breaking a 4-day inflow streak; ETH ETFs stayed green with $4.7M in inflows. In Memes / Onchain Movers. Meme majors were red along with majors; Doge -1%, Shiba -1%, PEPE -2%, TRUMP -1%, Bonk -1%, Pengu -4%, SPX -12%, WIF -1% and Fartcoin -8%. USOR (+70%), GSD (+50%), and Eliza Town (+800%) led onchain movers.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
4 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on February 16th that, according to OnchainLens monitoring, a whale deposited $1 million worth of USDC into the HyperLiquid platform and opened a long position in ETH (20x leverage). This whale also currently holds a long position in SOL (20x leverage). This whale also increased its holdings of the following tokens:
20,000 SOL tokens (worth $1.7 million) 8.5 million Fartcoins (worth $1.69 million) 30 million Mon (worth $717,000) 6.73 million XPL tokens (worth $651,000) The whale has suffered a total loss of over $11.877 million.
PANews reported on April 8th that, according to SoSoValue data, the cryptocurrency market has generally rebounded following the two-week ceasefire between the US and Iran. The AI sector performed strongly, rising 6.61% in the last 24 hours. Among them, Fartcoin (FARTCOIN) surged 18.88%, while Bittensor (TAO), Worldcoin (WLD), and Render (RENDER) rose 8.56%, 8.94%, and 10.14% respectively. Furthermore, Bitcoin (BTC) rose 4.30%, breaking through $71,000; Ethereum (ETH) rose 6.23%, breaking through $2,200.
In other sectors, the DeFi sector rose 4.41% in the last 24 hours, with EdgeX (EDGE) up 14.90%; the Layer 2 sector rose 4.32%, with Optimism (OP) up 9.51%; the Layer 1 sector rose 3.95%, with Zcash (ZEC) up 25.73%; the PayFi sector rose 3.86%, with Dash (DASH) up 8.77%; the Meme sector rose 3.56%, with SPX6900 (SPX) up 11.86%; and the CeFi sector rose 2.64%, with OKB up 3.92%.
Onchain analysts flagged an alleged coordinated Fartcoin (FARTCOIN) manipulation attempt on Hyperliquid, resulting in $1.5 million in losses for the protocol’s liquidity vault.
Blockchain security firm PeckShield and onchain tracker Lookonchain identified the incident on April 9, linking four wallets to a single entity.
How the Alleged Fartcoin Manipulation UnfoldedAccording to PeckShield, the attacker accumulated a $15 million Fartcoin long position totaling 145.24 million tokens across four wallets.
The attacker then triggered what PeckShield described as a “suicide” liquidation in a low-liquidity environment. This forced Hyperliquid’s Auto-Deleveraging (ADL) mechanism to activate, pushing the toxic position onto the Hyperliquidity Provider (HLP) vault.
Lookonchain confirmed that the wallets suffered a combined $3.02 million in liquidation losses.
“A $3M loss on paper, but likely a massive net profit via cross-venue hedging,” the post added.
Meanwhile, two short-side traders with addresses beginning 0x06ce and 0x4196 were auto-deleveraged by the ADL system, realizing approximately $849,000 in combined profits.
“4 fresh wallets, same entity, all traced $USDC at the same time coordinated long-liquidated in under 3 hours after a 27% pump collapsed into a 30% crash. This is what whale-vs-whale manipulation looks like when both sides are playing the same game, and one of them blinks first,” Evening Trader Group wrote.
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The wallet 0x06ce appears to be one of the few addresses that exited in profit with a PNL of +$512k during the recent $FARTCOIN HLP incident.
Following a coordinated attempt where traders built an 8-figure notional long and were later intentionally liquidated, HLP was left… https://t.co/OVmBywSmPo
— Hyperdash (@hypurrdash) April 9, 2026 The fallout comes as Fartcoin’s price sees notable volatility. The meme coin surged to an intraday high of $0.25 yesterday, marking its highest level since late January.
FARTCOIN Price Performance. Source: BeInCrypto MarketsHowever, over the past 24 hours, the token dropped more than 13%, ranking as the top loser among the 300 largest cryptocurrencies on CoinGecko. The token was trading near $0.17 at the time of writing.
But analysts say the $3M loss on Hyperliquid likely masked a larger net gain through hedged positions placed on other platforms.
A coordinated attempt to manipulate the price of Fartcoin (FART) on Hyperliquid ended in a $3 million liquidation loss after the scheme triggered an automatic safety mechanism that forced the platform’s own liquidity pool to absorb the fallout.
However, blockchain analysts tracking the incident say the attacker likely walked away with a net profit through hedged positions they had placed elsewhere, leaving Hyperliquid’s liquidity providers holding the bag.
How the Attack Unfolded According to Peckshield and Lookonchain, a single entity spread about $15 million worth of FART long positions across four wallets, accumulating over 145 million tokens. Their data shows the wallets were funded from Binance and Bybit, with three of them traced by on-chain researcher mlmabc to the same entity that had previously squeezed the XPL token.
The alleged manipulator deliberately chose a low-liquidity environment, which made it easier for them to move the price, with Fartcoin going up by about 20% around the time the positions were being built. Hyperdash, a trading terminal built for Hyperliquid, reported that at their peak, the coordinated longs had generated a combined unrealized gain of $1.3 million. Even price data from CoinGecko confirmed the move, showing FART going from near $0.20 to a high of $0.2476 between 20:05 and 23:55 GMT on April 8.
After that, the trap was sprung. Instead of exiting, as would have been expected, given that prices were flying, the schemer deliberately let the positions get liquidated, a tactic Peckshield called “suicide” liquidation. According to them, the intention was to trigger the platform‘s Auto-Deleveraging (ADL) mechanism, which forcibly closes the opposing side of a trade in extreme situations to cover losses.
In this instance, ADL meant that short traders were closed out against their will, and Hyperliquid’s own liquidity pool, known as HLP, was left holding a $13 million long position in a collapsing market. One wallet, 0x06ce, exited with a $512,000 profit before the liquidation cascade, according to Hyperdash.
Peckshield’s and Lookonchain’s assessments were that the manipulator went underwater for $3 million following the liquidation, with the former suggesting they may have profited elsewhere.
You may also like: Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH HYPE Price Explodes as ETF Inflows and SpaceX Perps Boost Hyperliquid Financial Advisors Managing $175 Trillion Are Eyeing These Crypto Sectors Instead of Bitcoin “A $3M loss on paper, but likely a massive net profit via cross-revenue hedging,” wrote Peckshield.
Fartcoin Down 10% HLP is said to have lost about $1.5 million in the last 24 hours, and Fartcoin is down 10% over the same time period after its price fell from the $0.24 it reached during the manipulation episode.
Meanwhile, Hyperliquid’s HYPE token, which dipped by 23% following a similar liquidation incident last year involving the JELLY token, seems to have fared better this time. At the time of writing, it had only shed a mere 0.4% off its level from 24 hours ago and was up more than 10% in the last 7 days.
A highly leveraged long bet on the Solana-based memecoin Fartcoin imploded on the Hyperliquid exchange, triggering a 50 percent price crash and roughly $3 million in losses for the trader behind multiple wallets.On-chain data show two main wallets built a 145.24 million-token long position that helped drive Fartcoin's rally before both were forcibly liquidated in large blocks as thin liquidity magnified the move lower.The liquidation was so large that Hyperliquid's auto-deleveraging system kicked in, forcibly closing profitable short positions for about $849,000 in fee-free gains, while Fartcoin—already hit in a recent $270 million Drift Protocol exploit—now trades around $0.1244.An outsized bet on the meme coin "Fartcoin," which rocketed it higher, ended in a 50% crash.
A group of wallets attempted to push Fartcoin's price higher by building a $145.24 million token long position on Hyperliquid, the decentralized perpetual futures exchange that has become the venue of choice for leveraged crypto bets during the ongoing U.S.-Iran war.
The trade blew up on Wednesday, crashing the token 50% in a single hourly candle from $0.2519 to $0.1244, and costing the entity behind the wallets roughly $3 million.
Fartcoin is a Solana-based memecoin minted on Pump.fun in October 2024 for 2 SOL. It holds no intrinsic value and features a transactional system in which each trade produces a digital flatulence sound, yet it has built a cult following large enough to make it a top-100 token by market cap and a top-10 token by derivatives open interest, with over $1 billion in futures exposure at its peak.
On-chain data from Hyperliquid shows how the position was assembled and how it came apart.
At least two wallets were used to build the long. Address 0x511c accumulated tokens through TWAP orders, an automated system that breaks a large buy into smaller pieces over time to minimize market impact, purchasing around $0.248 per token.
Address 0x71c97d opened longs at approximately $0.205. Both were building into a rally that took Fartcoin from roughly $0.16 to $0.25 over several days, a move the position itself likely contributed to, given the token's thin liquidity.
It is unclear whether the wallets belonged to the same person or a group of people who intended to drive FARTCOIN's prices up.
The unwind was not gradual, however. Address 0x511c was liquidated completely, ending at $0.00 with no positions remaining. Its liquidation records show 28.16 million FARTCOIN and a separate 6.7 million FARTCOIN-USD position closed at $0.2155, totaling roughly $1.45 million in liquidation value.
Address 0x71c97d was liquidated on two separate fills, 29.98 million tokens at $0.1822 and 7.49 million at $0.1880, totaling roughly $6.87 million in liquidation value. That wallet has $35,074 left.
The liquidation was so large relative to the order book that Hyperliquid's auto-deleveraging mechanism activated, forcibly closing profitable short positions on the other side of the trade to prevent the system from accumulating bad debt.
Two short-biased accounts were auto-deleveraged at $0.1929, both at 7:52 AM on April 9. Address 0x06ce, an account with $15.1 million in all-time combined PnL and a 100% short position distribution, was ADL'd on 4.75 million FARTCOIN for a closed profit of $512,522.
Address 0x4196, carrying $12.9 million in all-time PnL and a 96.44% short allocation, was ADL'd on 15 million FARTCOIN for $336,599. Neither chose to close. Hyperliquid closed them.
The combined $849,000 in ADL profits came at zero fees, an artifact of the mechanism rather than a trading decision. Both accounts are sophisticated short-biased operators with multi-million dollar track records on the platform. They were positioned correctly and got paid for it, but not on their own terms.
FARTCOIN was also among the tokens stolen in last week's $270 million Drift Protocol exploit, where $4.1 million in FARTCOIN was drained alongside USDC, wrapped bitcoin, and dozens of other assets. The token trades at $0.1244 as of Wednesday afternoon.
In brief Fartcoin plunged 28% from its weekly high, liquidating $51M in 24 hours. The meme coin’s crash came after it surged 45% in two days to its peak Wednesday. Hyperliquid recorded $84M in liquidations, topping centralized exchanges Binance and Bybit. While Bitcoin hovers above $71,000, attempting to find a stable foothold, a subset of altcoins has tanked sharply, with Fartcoin leading the drop.
The meme coin is down 28% from its Thursday morning peak to around $0.178, according to CoinGecko data. A closer look at the week's price action shows that Fartcoin surged from $0.166 on Tuesday to $0.247 yesterday, securing a 48% gain in under two days.
That sudden spike in buying pressure was followed by a V-reversal, liquidating $48 million in long positions and $3.7 million in shorts in the past 24 hours, according to CoinGlass. The liquidation event was the highest the meme coin witnessed since November 2025, underscoring the volatility. The 24-hour rolling window shows liquidation numbers hit $51 million, ranking third behind Bitcoin and Ethereum.
Enjin Coin experienced similar price action.
It rose abruptly from $0.020 on Wednesday to $0.0383, clocking an 86% gain. As a result, $3.8 million worth of positions were wiped out over 48 hours—the largest liquidation for the token since April 2025.
Most of these liquidations occurred on decentralized exchange Hyperliquid, which recorded $85 million in 24-hour liquidations, surpassing centralized exchanges like Binance, Bybit, and Gate.
“The recent intense volatility in altcoins is essentially the result of a combination of declining macro risk appetite and tightening on-chain liquidity,” Tim Sun, senior researcher at HashKey Group, told Decrypt.
Sun also noted that altcoins typically have shallow market depth and high concentration of holdings. During periods of liquidity contraction, market makers and short-term speculative capital are more inclined to profit by pumping prices and then distributing, which reinforces the pattern of sharp rises and falls.
Algorand, Bittensor, and World Liberty Financial, which were up big last week, are down between 5% and 9% over the past 24 hours, reflecting a narrative-driven capital rotation.
Looking aheadAll eyes are now on Bitcoin, which could make or break the current outlook.
The ceasefire between the U.S. and Iran remains fragile, with experts noting a lack of clarity on the Lebanon front as a contributing factor.
In a TruthSocial post Wednesday, U.S. President Donald Trump stated that, "All US ships, aircraft, and military personnel and anything else that is appropriate and necessary for the lethal prosecution and destruction of Iran, will remain in place in, and around, Iran, until such time as the real agreement is reached and fully complied with.”
"If for any reason it is not, which is highly unlikely, then the 'Shootin' Starts,' bigger, and better, and stronger than anyone has ever seen before," he added.
The breakdown has shifted sentiment on prediction market Myriad, owned by Decrypt's parent company Dastan. Users now see a 66% chance that crude oil's next move will be a pump to $120—down from 89% on Tuesday, when the ceasefire was announced.
Despite the uncertainty, Bitcoin has managed to hold above $70,000. It is trading around $71,100, down 0.5% over the past 24 hours according to CoinGecko data.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Fartcoin (FARTCOIN), a Solana-based meme coin born from an AI experiment called Truth Terminal, tanked 28% in the last 12 hours, sliding from about $0.25 to $0.17 after a mega-long liquidation blew up $3 million.
Data tracked by Lookonchain shows a trader opened a 145 million FARTCOIN long across four wallets in an attempt to manipulate the market but the plan appeared to backfire, resulting in a $3 million liquidation.
On the flip side, FARTCOIN shorts profited from Auto-Deleveraging (ADL), with two wallets collectively earning $849,000 in profits.
Someone tried to manipulate the $Fartcoin market, building a 145.24M $Fartcoin long position across 4 wallets, but was liquidated, taking a $3.02M loss.
Meanwhile, $Fartcoin shorts profited from ADL (Auto-Deleveraging) — 0x06ce and 0x4196 were auto-deleveraged, realizing $849K… pic.twitter.com/INvyMAgJwP
— Lookonchain (@lookonchain) April 9, 2026
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Coordinated trade sent FARTCOIN up 20% before liquidation event Some crypto traders speculate that the FARTCOIN crash was caused by a group of traders on Hyperliquid associated with the same wallets behind the earlier XPL squeeze.
These traders first built a large long position in FARTCOIN, pushing the price up 20%. Hyperliquid’s HLP, which acts as the market maker of last resort, had to take the other side of trades when there were not enough buyers. This left HLP short on FARTCOIN.
The traders then triggered their own liquidation. Auto-deleveraging automatically closed opposing positions to balance the system.
One of the wallets that profited from the event, identified as 0x06ce, made $512,000 from it, continuing a six-day winning streak and bringing its all-time PnL to more than $15 million.
The event exposes a known risk for automated market makers in low-liquidity assets: while Hyperliquid is fully transparent and on-chain, that same transparency allows sophisticated actors to anticipate and exploit its positions.
Something important just happened on Hyperliquid that everyone trading there should understand.
A coordinated group of traders built an eight figure notional long in $FARTCOIN over four hours. The same wallets linked to the XPL squeeze. The price surged 20%.
Here is where it… https://t.co/tfc6VtCAWs
— Cosimo Capiτal ⚜️ (@CosimoCapital) April 9, 2026
The wider meme coin collapse The meme coin market has been in freefall since July 2025, with total market capitalization falling 65% to roughly $29 billion.
Fartcoin, launched in October 2024 at $0.0029, soared over 9,300 percent to an all-time high of $2.5 in January 2025. Since then, the token has lost around 93 percent of its value.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
A trader lost about $3 million after building a large leveraged Fartcoin position on Hyperliquid that unraveled in thin liquidity, triggering the platform’s auto-deleveraging (ADL) mechanism.
Lookonchain said, citing Hyperliquid data, that the trader accumulated about 145 million tokens across multiple wallets before being liquidated. The liquidation redistributed gains to opposing traders, with at least two wallets seeing around $849,000 through ADL.
PeckShield said the unwind produced about $3 million in accounting losses and left Hyperliquid’s HLP vault down roughly $1.5 million over 24 hours, though Hyperliquid had not publicly confirmed those figures by publication.
The episode highlighted how ADL can crystallize gains for traders on the other side of a collapsing position, while raising fresh questions about how Hyperliquid’s liquidation and vault structure behave in low-liquidity markets.
One of the wallets that profited from the redistribution. Source: Hyperdash
PeckShield said the activity appeared structured to trigger liquidations in low-liquidity conditions, potentially pushing losses onto Hyperliquid’s liquidity pool while being offset by positions elsewhere.
Cointelegraph reached out to Hyperliquid for comments, but had not received a response before publication.
Source: PeckShieldAlert
Past trades exposed similar pressure on Hyperliquid’s liquidity systemThis is not the first time Hyperliquid’s liquidity system has come under pressure from large, concentrated positions.
On March 13, 2025, the platform’s Hyperliquidity Provider (HLP) vault took a roughly $4 million hit after an oversized Ether (ETH) position was unwound, triggering liquidations under thin market conditions. After the incident, the team said that losses stemmed from market dynamics rather than a protocol exploit.
A similar episode occurred later that month involving the JELLY memecoin. On March 27, 2025, a trader used multiple leveraged positions to exploit the platform’s liquidation system.
However, the final outcome remained unclear, with Arkham saying the trader withdrew about $6.26 million but may still have ended up down nearly $1 million.
On Nov. 13, 2025, a similar pattern occurred when a trader built large leveraged positions in the POPCAT market, triggering cascading liquidations that left a $5 million hole in the HLP vault. Community members said the strategy appeared designed to create and then remove liquidity to force the vault to absorb the impact.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
A trader lost about $3 million after building a large leveraged Fartcoin position on Hyperliquid that unraveled in thin liquidity, triggering the platform’s auto-deleveraging (ADL) mechanism.
Lookonchain said, citing Hyperliquid data, that the trader accumulated about 145 million tokens across multiple wallets before being liquidated. The liquidation redistributed gains to opposing traders, with at least two wallets seeing around $849,000 through ADL.
PeckShield said the unwind produced about $3 million in accounting losses and left Hyperliquid’s HLP vault down roughly $1.5 million over 24 hours, though Hyperliquid had not publicly confirmed those figures by publication.
The episode highlighted how ADL can crystallize gains for traders on the other side of a collapsing position, while raising fresh questions about how Hyperliquid’s liquidation and vault structure behave in low-liquidity markets.
One of the wallets that profited from the redistribution. Source: Hyperdash
PeckShield said the activity appeared structured to trigger liquidations in low-liquidity conditions, potentially pushing losses onto Hyperliquid’s liquidity pool while being offset by positions elsewhere.
Cointelegraph reached out to Hyperliquid for comments, but had not received a response before publication.
Source: PeckShieldAlert
Past trades exposed similar pressure on Hyperliquid’s liquidity systemThis is not the first time Hyperliquid’s liquidity system has come under pressure from large, concentrated positions.
On March 13, 2025, the platform’s Hyperliquidity Provider (HLP) vault took a roughly $4 million hit after an oversized Ether (ETH) position was unwound, triggering liquidations under thin market conditions. After the incident, the team said that losses stemmed from market dynamics rather than a protocol exploit.
A similar episode occurred later that month involving the JELLY memecoin. On March 27, 2025, a trader used multiple leveraged positions to exploit the platform’s liquidation system.
However, the final outcome remained unclear, with Arkham saying the trader withdrew about $6.26 million but may still have ended up down nearly $1 million.
On Nov. 13, 2025, a similar pattern occurred when a trader built large leveraged positions in the POPCAT market, triggering cascading liquidations that left a $5 million hole in the HLP vault. Community members said the strategy appeared designed to create and then remove liquidity to force the vault to absorb the impact.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
In brief Fartcoin plunged 28% from its weekly high, liquidating $51M in 24 hours. The meme coin’s crash came after it surged 45% in two days to its peak Wednesday. Hyperliquid recorded $84M in liquidations, topping centralized exchanges Binance and Bybit. While Bitcoin hovers above $71,000, attempting to find a stable foothold, a subset of altcoins has tanked sharply, with Fartcoin leading the drop.
The meme coin is down 28% from its Thursday morning peak to around $0.178, according to CoinGecko data. A closer look at the week's price action shows that Fartcoin surged from $0.166 on Tuesday to $0.247 yesterday, securing a 48% gain in under two days.
That sudden spike in buying pressure was followed by a V-reversal, liquidating $48 million in long positions and $3.7 million in shorts in the past 24 hours, according to CoinGlass. The liquidation event was the highest the meme coin witnessed since November 2025, underscoring the volatility. The 24-hour rolling window shows liquidation numbers hit $51 million, ranking third behind Bitcoin and Ethereum.
Enjin Coin experienced similar price action.
It rose abruptly from $0.020 on Wednesday to $0.0383, clocking an 86% gain. As a result, $3.8 million worth of positions were wiped out over 48 hours—the largest liquidation for the token since April 2025.
Most of these liquidations occurred on decentralized exchange Hyperliquid, which recorded $85 million in 24-hour liquidations, surpassing centralized exchanges like Binance, Bybit, and Gate.
“The recent intense volatility in altcoins is essentially the result of a combination of declining macro risk appetite and tightening on-chain liquidity,” Tim Sun, senior researcher at HashKey Group, told Decrypt.
Sun also noted that altcoins typically have shallow market depth and high concentration of holdings. During periods of liquidity contraction, market makers and short-term speculative capital are more inclined to profit by pumping prices and then distributing, which reinforces the pattern of sharp rises and falls.
Algorand, Bittensor, and World Liberty Financial, which were up big last week, are down between 5% and 9% over the past 24 hours, reflecting a narrative-driven capital rotation.
Looking aheadAll eyes are now on Bitcoin, which could make or break the current outlook.
The ceasefire between the U.S. and Iran remains fragile, with experts noting a lack of clarity on the Lebanon front as a contributing factor.
In a TruthSocial post Wednesday, U.S. President Donald Trump stated that, "All US ships, aircraft, and military personnel and anything else that is appropriate and necessary for the lethal prosecution and destruction of Iran, will remain in place in, and around, Iran, until such time as the real agreement is reached and fully complied with.”
"If for any reason it is not, which is highly unlikely, then the 'Shootin' Starts,' bigger, and better, and stronger than anyone has ever seen before," he added.
The breakdown has shifted sentiment on prediction market Myriad, owned by Decrypt's parent company Dastan. Users now see a 66% chance that crude oil's next move will be a pump to $120—down from 89% on Tuesday, when the ceasefire was announced.
Despite the uncertainty, Bitcoin has managed to hold above $70,000. It is trading around $71,100, down 0.5% over the past 24 hours according to CoinGecko data.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
What Happened in the Fartcoin Liquidation Event? A trader lost about $3 million after building a large leveraged position in Fartcoin on Hyperliquid, which unraveled under thin liquidity conditions and triggered the platform’s auto-deleveraging (ADL) mechanism.
Blockchain data flagged by Lookonchain shows the trader accumulated roughly 145 million tokens across multiple wallets before being liquidated. As the position collapsed, gains were redistributed to traders on the other side of the market, with at least two wallets receiving around $849,000 through ADL.
PeckShield said the unwind resulted in approximately $3 million in accounting losses and left Hyperliquid’s Hyperliquidity Provider (HLP) vault down about $1.5 million over a 24-hour period, although the platform had not confirmed these figures at the time of publication.
How Does ADL Amplify Gains and Losses? Hyperliquid’s ADL system is designed to manage risk during forced liquidations by automatically reducing opposing positions when liquidity is insufficient. In practice, this can transfer value from one side of the market to another when large positions unwind rapidly.
In this case, the liquidation did not only close the trader’s position but also redistributed profits to counterparties positioned against it. The structure effectively turned a single collapse into a profit event for a small number of traders able to absorb the flow.
PeckShield noted that the activity appeared structured to trigger liquidations in low-liquidity conditions, potentially pushing losses onto Hyperliquid’s liquidity pool while being offset by positions elsewhere.
Investor Takeaway Auto-deleveraging systems can transfer losses across participants rather than eliminate them. In thin markets, large leveraged positions can turn liquidation into a redistribution event that benefits counterparties while stressing liquidity pools.
What Does This Reveal About Hyperliquid’s Liquidity Structure? The incident has raised fresh questions about how Hyperliquid’s liquidation and vault systems behave under stress. The HLP vault, which acts as a backstop for liquidity and absorbs imbalances, recorded losses during the event, highlighting its exposure to extreme market conditions.
While the platform has previously attributed similar losses to market dynamics rather than protocol flaws, repeated events suggest that structural vulnerabilities may persist when liquidity is fragmented or shallow.
Investor Takeaway Liquidity backstops like HLP vaults can absorb shocks but also accumulate losses during extreme events. Their performance depends heavily on market depth and the distribution of leveraged positions.
Is This Part of a Broader Pattern? This is not the first time Hyperliquid’s liquidity system has come under pressure from large, concentrated trades. On March 13, 2025, the HLP vault took a roughly $4 million hit after an oversized Ether position was unwound under similar thin liquidity conditions.
Later that month, a trader used multiple leveraged positions in the JELLY memecoin market in what appeared to exploit the platform’s liquidation mechanics. The final outcome remained unclear, with Arkham reporting that the trader withdrew about $6.26 million but may still have ended up with net losses.
On Nov. 13, 2025, another event involving the POPCAT market triggered cascading liquidations, leaving an estimated $5 million deficit in the HLP vault. Community analysis suggested the strategy involved creating and then removing liquidity to force the vault to absorb losses.
These repeated incidents point to a recurring dynamic where large, coordinated positions interact with thin liquidity to produce outsized effects on both traders and protocol-level liquidity reserves.
About the Author: Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets. With a B.A. in Finance and hands-on industry exposure, Aziz blends analytical rigor with clear storytelling to make complex market structure understandable for traders, brokers, and fintech professionals.
