Major Whale Account Triggers Massive On-Chain Liquidations: PUMP and FARTCOIN Face Sharp Market Corrections

Market monitoring data from HyperInsight and CoinGlass reveals that a significant liquidation wave has swept through the Hyperliquid platform, centered on two prominent meme tokens. PUMP has retreated by approximately 8.4% to trade at $0.00264, while FARTCOIN has experienced a steeper decline, dropping over 13% to settle near $0.373.

Liquidation Cascade: Concentrated Long Position Collapse

The past hour’s liquidation activity on Hyperliquid painted a striking picture of long-position capitulation. Nearly 99% of all liquidation orders across both tokens were closing long positions, with PUMP and FARTCOIN accounting for 97.6% and 95.5% of their respective total liquidation volumes. This concentration signals a coordinated unwinding rather than isolated margin calls.

Behind this market turbulence lies a single whale address (0xbaa), which has emerged as a central player in the on-chain derivatives ecosystem. This entity simultaneously maintains the second-largest long position in PUMP and the dominant long position in FARTCOIN, making its forced liquidations a market-moving event.

The Breaking Point: Two Major Liquidation Events

The whale’s PUMP long positions encountered two substantial liquidation events within just 30 minutes. These forced closures totaled approximately $14.32 million in position value, crystallizing roughly $470,000 in realized losses. With the next liquidation level set around $0.00218, any further chain price deterioration could trigger additional forced closures.

The situation proved similarly severe for FARTCOIN holdings. The account faced liquidation of approximately $11.16 million in notional value, with the subsequent liquidation threshold positioned near $0.348. This cascading risk structure highlights the precarious leverage positioning that preceded the market decline.

Aftermath: Dramatic Reduction in Major Holdings

Following these back-to-back liquidations, the whale account’s total position footprint has contracted sharply to approximately $5.86 million—a substantial reduction from its pre-liquidation scale. This event serves as a tangible reminder of the risks embedded in highly leveraged positions within the on-chain derivatives ecosystem, even for the largest market participants who typically navigate these waters with sophisticated risk management practices.