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

First, they dumped a large quantity of $JELLY into the market. This action caused the token's price to plummet due to supply exceeding demand, especially with a token that has low liquidity like $JELLY (which is known to be a memecoin with an initial market capitalization of only about 20 million USD). As the price crashed, HLP – Hyperliquid's automated liquidity provision mechanism – 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.