Popcat is a cat-themed memecoin on the Solana blockchain . A memecoin is a cryptocurrency whose value is driven primarily by community interest and internet culture rather than underlying utility or cash flows.

The most significant development for Popcat over the past 30 days centers on a major liquidation event tied to the Arbitrum bridge. The Arbitrum bridge to Hyperliquid was temporarily paused after the liquidation of a $20–$30 million long position in POPCAT, which resulted in an estimated $4.9 million loss for the Hyperliquidity Provider (HLP) before the position was manually closed 2. The bridge was subsequently reopened, with the team reporting that deposits were "mostly caught up and are being processed real-time," while withdrawals remained behind 3. This event matters because it highlights the liquidity and risk-management challenges that can arise when large leveraged positions in memecoins unwind on cross-chain infrastructure.