actually not true.

JELLYJELLY Price Up by 146% Following Whale Manipulation Causing $12M Loss for HLP Vault Hyperliquid

According on-chain statistics, a crypto whale is controlling JELLYJELLY's price, resulting in losses on the HLP vault of Hyperliquid.

The coin's liquidation price falls when money leaves the HLP vault.

Based on most recent on-chain data, a crypto whale has been influencing Jelly My Jelly's (JELLYJELLY) price, therefore resulting losses for the Hyperliquid HLP vault.

JELLYJELLY is a Solana memecoin. Designed to increase the speed and efficiency of dApps, Hyperliquid is a blockchain system.

About half an hour earlier, Lookonchain posted on X that a large whale with over 124 million JELLYJELLY coins worth approximately $4.9 million was altering the price of the digital asset to cause the Hyperliquidity Provider (HLP) suffer a loss of $12 million.

First dumping the currency, the whale wrecked the price and left HLP with a passive short position of 398 million JELLYJELLY coins at more than $15 million.

Right now, the currency is trading over $0.033 with a market capitalization of nearly $34 million. Today the coin is up by almost 146%.

The price of the coin fluctuated earlier by about 386% before declining by more than 28%. The movements of the whale accounted for this change.

While JELLYJELLY's price shows such rising volatility, HYPE price plummeted in response to the whale's movements.

HYPE Price Journey

Now that its price decreased from $16 to current levels at $13, HYPE is down by about 21%. Market capitalization of the coin exceeds $4.4 billion.

The maneuvers of the whale caused the price of the currency to plummet almost 11% in a short period of time.

With about $220 million in deposits right now, Hyperliquid's HLP vault may suffer additional losses.

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