Source publication time: November 10, 2026, at 08:29:56 UTC+8. This article summarizes the dated reporting, not a live market update.
The November 10 Odaily roundup juxtaposed sharp meme-token gains with more than $1.2 billion in crypto liquidations and allegations that attackers were using newly created tokens to move stolen funds. Its funding figures also showed how a single large deal could make a broader market appear stronger than the underlying activity suggested.
Elliptic: self-created tokens used to move stolen funds
Blockchain analytics firm Elliptic reported that attackers linked to a Binance hack were using self-created meme coins and decentralized-exchange liquidity pools to move stolen assets. It said the technique had appeared on Tron, NEAR and Solana.
According to Elliptic, the attackers created tokens, paired them with assets such as NEAR or stablecoins, and used different wallets to buy and sell. Those transactions made transfers resemble ordinary token trading, complicating tracing.
Between November 5 and 7, the attackers allegedly created at least six meme coins on NEAR, each costing approximately 25 NEAR to create. Elliptic said about 117,000 NEAR in stolen funds—worth roughly $430,000—moved through those tokens. Trading in the tokens had stopped from November 8, while approximately 11.8 million NEAR, valued at about $43.7 million, remained unmoved.
Elliptic’s qualification matters: the method did not genuinely conceal on-chain fund flows; its principal effect was to delay investigators. The firm said North Korean attackers had used a similar technique to move at least $24 million following the 2025 Bybit theft.
These allegations concern particular tokens and transactions. They do not establish that the separately listed trending meme coins were involved.
Trending tokens: a narrative is not evidence of durable value
The roundup listed two on-chain meme tokens using GMGN data:
- HODL on Solana: a reported market capitalization of $3.6 million and a 24-hour gain of 213.15%. The source said GameKyuubi, who wrote “I AM HODLING” on Bitcointalk in 2013, had accepted creator fees and added the token’s contract address to his profile. The community framed this as an on-chain continuation of the HODL meme.
- 牛逼 on BSC: a reported market capitalization of $5.4 million and a 24-hour gain of 116,250.00%. The source linked the token’s origin to Elon Musk’s post, “Chinese 𝕏 is 牛逼.”
The reported profile change and social-media post explain the narratives attached to these tokens. Neither establishes lasting demand or value. In particular, the cited Musk post was about Chinese-language X; the supplied account did not establish his endorsement of the token.
Liquidations and ETF withdrawals complicate the market picture
Coinglass figures cited in the roundup put crypto liquidations above $1.2 billion, including $1.04 billion in long positions. Bitcoin briefly fell to $73,500, rebounded above $75,400, and then retreated again.
Bitcoin liquidations exceeded $324 million, including more than $281 million in longs. Ether liquidations exceeded $507 million, according to the report, which attributed this item to Bitcoin.com News.
Separately, SoSoValue data showed $1.282 billion in net outflows from spot Bitcoin ETFs during November 2–6, Eastern Time. BlackRock’s IBIT accounted for $1.209 billion in net outflows, while Fidelity’s FBTC recorded $93.117 million in net inflows.
These figures describe leverage losses and fund flows—not proof that every token rally was a bubble. They do, however, provide essential context for interpreting isolated, outsized percentage gains.
October’s funding rebound was concentrated
The roundup reported $1.65 billion in crypto venture funding for October 2026, more than double September’s total. Kalshi’s $1 billion Series G accounted for 61% of that amount.
Excluding Kalshi, funding was $651 million, below September’s industry-wide $665 million. Excluding each month’s two largest deals, October’s $451 million was broadly level with September’s $455 million.
October recorded 46 rounds, compared with 44 in September and 116 in October 2025. The evidence therefore supports a headline rebound driven heavily by one transaction, rather than an unqualified claim of broad-based funding recovery.