A whale dumped $4.85M worth of $JELLY (124.6M tokens), causing the price to crash sharply. Hyperliquid’s Hyperliquidity Provider (HLP), which was caught in a short position, suffered massive losses. The whale then re-bought $JELLY at a lower price, triggering a short squeeze. In response, Hyperliquid delisted C, closing all positions at $0.0095, locking in a $700K profit for themselves.
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