#JELLYJELLYFuturesAlert
The JELLY token, which was launched in January by Venmo co-founder Iqram Magdon-Ismail. quickly attracted attention due to its association with the Web3 social media project, JellyJelly. The token initially soared to a market capitalization of $250 million, but it later experienced significant volatility, dropping to single-digit millions at one point. As of March 26, JELLY was trading with a market cap of about $25 million.
√ This sharp fluctuation in JELLY’s price was key to the recent manipulation. A trader opened a massive $6 million short position on JELLY and then deliberately pumped the token’s price, leading to a self-liquidation. The suspicious activity prompted Hyperliquid to step in and close the position to avoid further market disruptions. Had Hyperliquid not intervened, the platform could have faced a full liquidation if the token’s market cap had surged to $150 million.
