Overview
- The Solana memecoin swung from an intraday push near $0.21 to roughly $0.12–$0.14, erasing a 40–50% move within hours.
- Roughly $63 million in long positions were wiped out, including a single liquidation of about $21 million reported by market trackers.
- Blockchain monitors say one trader assembled roughly $20–$30 million of long exposure, then a removed buy wall preceded cascading liquidations.
- Hyperliquid’s HLP absorbed about $4.9 million in losses as the exchange manually closed exposures and temporarily paused its Arbitrum bridge.
- Trading activity spiked sharply, with reports citing a 500% jump in spot volume and a 1,100% surge in futures volume as community alerts flagged possible manipulation.