As of November 4, 2025, according to Gate market data, the meme coin $JELLYJELLY has surpassed a $200 million market capitalization, with a staggering 24-hour gain of 235.5%. $JELLYJELLY is demonstrating remarkable price momentum.
This sudden surge has once again pushed meme coins into the spotlight. Its price action bears a striking resemblance to a market manipulation event several months ago that nearly caused the collapse of a DeFi protocol, raising deep concerns about the security of the meme coin ecosystem on the Solana blockchain.
01 Price Watch: $JELLYJELLY Briefly Breaks $0.12, Joins Mainstream Meme Coin Ranks
According to the latest data from the Gate trading platform, $JELLYJELLY is currently trading at $0.1276, achieving a gain of over 46% in the past 24 hours. This performance has made it stand out among the many meme coins in the Solana ecosystem.
Trading data shows that $JELLYJELLY’s 24-hour price range fluctuated between $0.0855 and $0.1320, reflecting extremely high volatility. This high volatility is highly attractive to traders seeking short-term gains, but it also brings significant risk.
With a circulating supply of approximately 999 million tokens, $JELLYJELLY, at its current price, has successfully become one of the leading meme coin projects by market cap.
02 Historical Shadows: The Hyperliquid Crisis Reveals Potential Manipulation Patterns in JELLY
The recent surge in $JELLYJELLY is not an isolated event, but rather the latest chapter in its complex price history. Looking back to March 2025, JELLY was involved in an even more extreme case of market manipulation.
On the evening of March 26, 2025, a dramatic event unfolded on the decentralized derivatives platform Hyperliquid: a trader deposited $3.5 million USDC as margin and opened a massive short position of 430 million JELLY tokens at an entry price of about $0.0095.
Suspicious on-chain activity followed: a whale holding 126 million JELLY began manipulating the market price. This address first dumped a large amount of JELLY, causing the spot price to plummet and temporarily putting the trader’s short position in profit.
The subsequent withdrawal of margin directly triggered the forced liquidation of the remaining 398 million JELLY short position, which was then taken over by Hyperliquid’s liquidation mechanism.
Immediately after, the whale reversed course and aggressively bought JELLY, driving the price sharply higher. In just one hour, JELLY’s price skyrocketed by 515%, jumping from under one cent to over three cents.
Hyperliquid ultimately chose to "pull the plug" to stem the losses: the platform urgently delisted the JELLY trading pair and froze price feeds. Subsequently, all JELLY shorts were forcibly settled at $0.0095—well below market price—to ensure the protocol treasury did not suffer further losses.
03 Pattern Analysis: Classic Playbook of Meme Coin Market Manipulation
$JELLYJELLY’s price action displays many hallmarks of typical meme coin market manipulation. This "pump and dump" strategy is especially effective in markets with low liquidity.
Analysis from Bubblemaps indicates that coordinated wallet manipulation has already been detected between Arbitrum and Solana. These trading patterns include "hacking into accounts, taking long or short positions on tokens, spreading false news, and then closing out positions."
Similar scenarios have occurred in other projects as well. For example, a co-founder of the decentralized exchange Meteora on Solana has been accused of orchestrating an investor fraud scheme involving 15 different token projects.
These allegations describe a systematic plan in which internal teams control up to 95% of the token supply, manipulating token value by adjusting liquidity, routing fees, and supply control.
04 Industry Reflections: The Impact of Meme Coin Manipulation on the DeFi Ecosystem
Frequent manipulation events involving meme coins pose a serious threat to the entire DeFi ecosystem. When whales can easily move prices, ordinary investors often end up footing the bill.
In the previous JELLY incident, Hyperliquid’s HLP treasury faced a paper loss of up to $12 million, nearly triggering a system-wide liquidation. If not for the platform’s emergency intervention, the protocol could have suffered catastrophic damage.
The market’s reaction was also pronounced. Bitget CEO Gracy Chen remarked, "Hyper could become FTX 2.0." Meanwhile, Arthur Hayes mocked, "HYPE can’t handle the impact of the JELLY incident. Stop pretending Hyperliquid is decentralized."
05 Investment Warning: The High-Risk Nature of Meme Coin Trading
For ordinary investors, it’s crucial to recognize the high-risk nature of meme coin trading. These tokens often lack fundamental support, with prices driven entirely by market sentiment and liquidity.
Within the Solana ecosystem, anonymous development teams and highly concentrated token allocations have become common features of meme coins. For instance, the founder of the Saber protocol was investigated by the Department of Justice for creating a complex network of 11 fake identities to artificially boost the ecosystem’s perceived value.
The cryptocurrency market is inherently high-risk, with extreme price volatility that can be affected by financial, regulatory, or political events. These risk factors are even more pronounced when trading meme coins.
Outlook
Opinions on the future trajectory of $JELLYJELLY are sharply divided. Optimists believe it could follow the path of other successful meme coins, while cautious voices warn that history may repeat itself.
Regardless of the outcome, $JELLYJELLY’s recent price action has become a microcosm of the meme coin ecosystem on Solana—offering the allure of rapid gains, but also concealing risks that cannot be ignored.
