#JELLYJELLYFuturesAlert JELLYJELLY ($JELLYY) was a meme coin that hit the news recently with a 500% price spike and an accusation that it was being manipulated. The incident put the decentralized exchange Hyper liquid at risk of losing $12 million, but the exchange quickly managed to turn a potential disaster into a $703,000 profit. Trading is now suspended, and they have confirmed a total delisting. What is next for JELLYJELLY?

What Happened to JELLYJELLY on Hyperliquid?

As per Hypurrscan, the trouble started when a whale that was holding $124.6M ($4.85M) deliberately manipulated the market price. The trader made a big mess of JELLY, dumping a nice amount (crashing the market and leaving the HLP with a passive short position of 398M $JELLY ($15.3M)). After an hour the whale rebought memecoin and pushed the value up 500% in one hour.