FARTCOIN Soars Before Plummeting 26%: On-Chain Long Whale Liquidation of Over $38.88M Suspected to be Same Manipulation Group Behind XPL Flash Crash

BlockBeats News, April 9th, according to Coinglass and Hyperinsight monitoring, FARTCOIN has gradually launched since April 6th. In the early morning today, it surged more than 27% for a short period of time, with a cumulative increase of 57% in the past three days, reaching a high of $0.252.

However, at 7:00 a.m. today, the price plummeted more than 20% within 5 minutes, followed by successive declines, with a cumulative drop of over 26%. The price dropped to below $0.18, erasing most of the recent gains.

According to on-chain monitoring, the trading addresses in this operation highly correspond to the trading team that caused a flash crash of 40% after a rapid surge in XPL previously. They all point to the addresses (0xBc1D) and (0x3dB). The last flash crash occurred in the morning of April 3rd, and shortly after that, this team made a $1.6 million profit on XPL and then started to accumulate FARTCOIN.

Their operating method in XPL was exactly the same as today: before the price surged, they deposited funds into Hyperliquid through multiple addresses to open high-leverage token long positions. After substantial unrealized gains, they withdrew all the collateral, bringing the liquidation price close to the margin call level. Then, they appeared to coordinate with other platforms to dump spot positions, causing a simultaneous drop in spot and perpetual contract prices.

Specific information is as follows:

At exactly 7:00 a.m., the operators withdrew funds from six major addresses to the same liquidation price level, causing mass liquidations around $0.22 and triggering a flash crash. Whales and trading addresses (with holdings of over a million dollars) who chased the price during this surge were collectively liquidated for $38.88 million.

After the flash crash, addresses 0x5e1 and 0x71c opened high-leverage long positions with extremely tight liquidation prices again within about 1 hour. They have now been completely liquidated again at 7:52 a.m., causing the price to fall further. The source of funds for multiple addresses can all be traced back to address 0xBc1D.

Source addresses:

0xBc1D9760bd6ca468CA9fB5Ff2CFbEAC35d86c973

0x3dBE077e7986657E95e1CC50089f17a5a4AF0AaE