On March 27, 2025, $JELLYJELLY (a Solana meme coin) sparked heated discussions due to a price surge. The coin was launched by the co-founder of Venmo and once had a market capitalization of hundreds of millions of dollars. Yesterday, the coin's price skyrocketed by 230% in just one hour, rising from $0.0095 to $0.16, leading to a paper loss of over $10.6 million for Hyperliquid's treasury short positions. If the coin price reaches $0.17, the treasury's $240 million in assets could be liquidated. Users on X suspect this is a manipulation scheme intended to force shorts to liquidate for profit. Hyperliquid delisted the trading pair for this coin, settling shorts at $0.0095, claiming there were no losses, but analysis indicates the actual loss is about $8 million. Large holders redeeming funds intensified the pressure on the treasury, while OKX took advantage of the situation by listing the trading pair for this coin. This incident exposes the vulnerabilities and manipulation risks in the meme coin market, reminding investors to exercise caution.