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FARTCOIN drops 26% immediately after surge: over 38.88 million in on-chain long whale liquidations, suspected to be the same trading team behind XPL's flash crash
ME News Report, April 9 (UTC+8), according to monitoring by Coinglass and Hyperinsight, FARTCOIN has gradually launched since April 6. Early this morning, it briefly surged over 27%, with a total increase of 57% over the past three days, reaching a high of $0.252. However, at 7 a.m. today, the price plummeted over 20% within five minutes, then continued to decline, with a total drop of over 26%, bottoming out below $0.18, erasing most of the recent gains.
On-chain monitoring shows that the trading addresses involved are highly consistent with the team behind the sudden 40% crash of XPL previously, both pointing to addresses (0xBc1D) and (0x3dB). The last flash crash occurred on the morning of April 3, and shortly after, this team began accumulating FARTCOIN.
Their manipulation method is identical to that of XPL on that day: before the price started to rise, they deposited funds into Hyperliquid from multiple addresses to open high-leverage long positions; after realizing substantial unrealized profits, they withdrew all margin, pushing the liquidation line close to liquidation; then, seemingly coordinating with other platforms to sell off spot holdings simultaneously, causing both spot and futures prices to collapse in tandem.
The specific details are as follows: at 7 o’clock, the manipulators withdrew funds from six major addresses simultaneously to the same liquidation price, causing a concentrated liquidation around $0.22, with a single liquidation scale reaching $22.83 million, directly triggering a flash crash. During this rally, the whale traders and manipulative addresses (holding over $1 million) collectively faced liquidations totaling $38.88 million.
After the crash, addresses 0x5e1 and 0x71c reopened high-leverage long positions within about an hour, setting extremely narrow liquidation lines. They were all liquidated again at 7:52, causing the price to fall further. Funds from multiple addresses can be traced back to address 0xBc1D.
Funding source addresses:
0xBc1D9760bd6ca468CA9fB5Ff2CFbEAC35d86c973
0x3dBE077e7986657E95e1CC50089f17a5a4AF0AaE (Source: BlockBeats)