The term "Peak Degen Warfare" suggests a significant escalation in speculative trading activities or risky investments within the cryptocurrency space. Recently, an incident involving alleged manipulation related to the popular token POPCAT has come to light, leading to substantial repercussions on the Hyperliquid trading platform. In this particular case, it has been reported that this manipulation has resulted in a staggering financial loss amounting to $4.9 million, raising concerns about the integrity of trading practices in the current volatile market. This situation underscores the intense and often chaotic nature of trading in decentralized finance.
source: https://www.coindesk.com/markets/2025/11/13/peak-degen-warfare-alleged-popcat-manipulation-hits-hyperliquid-with-usd4-9m-loss