Hyperliquid News Today: JELLYJELLY's Unexpected Rise Amid Crypto Downturn Sparks Manipulation Controversy
- JELLYJELLY, a Solana-based meme coin, surged to $0.50 and $500M market cap amid broader crypto market declines, defying Bitcoin and Ethereum price drops. - Blockchain analytics firm Bubblemaps flagged manipulative tactics, citing 20% liquidity drain from inactive wallets and a 600% price spike linked to coordinated trading. - Leverage platforms like HyperLiquid and Aster offer up to 40x BTC contracts for JELLYJELLY, amplifying risks as its value relies on retail frenzy rather than fundamentals. - Regulat
JELLYJELLY, a meme coin operating on Solana,
Blockchain analytics company
The token’s price swings have drawn interest from leveraged trading platforms.
The rally in JELLYJELLY mirrors a wider pattern of meme coin speculation, fueled by social media buzz and easy access for retail traders. Still, skeptics point out that the token’s practical use remains uncertain, with its price largely driven by speculative trading. “This is not about underlying value—it’s about controlling liquidity and orchestrated buying,” one analyst commented, echoing Bubblemaps’ warnings highlighted by Yahoo Finance.
This situation highlights the increasing attention from regulators and the market on meme coins, especially after recent enforcement actions by the U.S. Securities and Exchange Commission against crypto exchanges. While JELLYJELLY’s recent surge has caught the eye of institutional players—Upexi boosted its
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