The meme cryptocurrency Fartcoin experienced a dramatic 28% drop after a rapid 48% two-day surge, resulting in $51 million in liquidations within 24 hours. The decentralized exchange Hyperliquid saw $85 million in liquidations, exceeding major centralized platforms. Analyst Tim Sun attributed the volatility to declining macro risk appetite and tightening on-chain liquidity, a pattern also observed with Enjin Coin. Market attention remains on Bitcoin, which held above $71,000 despite geopolitical tensions highlighted by a statement from U.S. President Donald Trump regarding Iran.
While Bitcoin hovers above $71,000, a subset of altcoins has tanked sharply, with Fartcoin leading the drop. The meme coin plunged 28% from its weekly high, liquidating $51 million in 24 hours.
Fartcoin surged 48% in under two days to its peak on Wednesday before reversing sharply. The liquidation event was the highest the token witnessed since November 2025, according to CoinGlass data.
Enjin Coin experienced similar price action, rising 86% before $3.8 million worth of positions were wiped out. Most liquidations occurred on the decentralized exchange Hyperliquid, which recorded $85 million in 24-hour liquidations.
“The recent intense volatility in altcoins is essentially the result of a combination of declining macro risk appetite and tightening on-chain liquidity,” Tim Sun, senior researcher at HashKey Group, stated. Sun noted that shallow market depth and high concentration of holdings lead to patterns of sharp rises and falls.
All eyes are now on Bitcoin, which could make or break the current outlook. The geopolitical landscape remains uncertain, with a fragile ceasefire between the U.S. and Iran.
In a TruthSocial post, U.S. President Donald Trump stated that U.S. military assets will remain around Iran until a real agreement is reached. “If for any reason it is not, which is highly unlikely, then the ‘Shootin’ Starts,’ bigger, and better, and stronger than anyone has ever seen before,” he added.
The situation has shifted sentiment on prediction market Myriad, where users now see a 66% chance that crude oil will pump to $120. Despite the uncertainty, Bitcoin has managed to hold above $70,000 and is trading around $71,100.
