#JELLYJELLYFuturesAlert A "whale" that owns a large amount of tokens is 124.6 million $JELLY worth approximately 4.85 million USD – has executed an intentional price manipulation strategy.

First, they dumped a large amount of $JELLY onto the market. This action caused the token price to plummet due to supply exceeding demand, especially with a token that has low liquidity like $JELLY (which is known as a memecoin with an initial market cap of only about 20 million USD). As the price fell sharply, HLP – the automated liquidity provision mechanism of Hyperliquid – was forced to take over a passive short position of up to 398 million $JELLY, equivalent to 15.3 million USD at that time. This occurred because Hyperliquid's system is designed to ensure liquidity and automatically handle liquidated positions.