The news that Binance is about to launch the JellyJelly (JELLY) perpetual contract has attracted high market attention, and this move may further amplify the volatility of the token. JELLY, a meme coin launched by former Facebook executive Sam Lessin, has repeatedly made headlines due to whale manipulation and liquidity crises. For example, after Binance and OKX announced the launch of its contract on March 26, the price of JELLY surged to $0.62, skyrocketing over 380% within 4 hours, only to plummet back to $0.25, indicating extremely high risk. Although Binance's entry may bring a short-term increase in liquidity, the following risks must be cautioned against: First, the long-term liquidity of JELLY is weak, and insufficient market depth makes it susceptible to manipulation; previously, the Hyperliquid platform was forced to delist it due to this, leading to a liquidation crisis; second, the project team's early holdings are concentrated, with developers holding 1.79% of the tokens and unrealized gains exceeding $4 million, creating selling pressure; third, community sentiment is easily influenced by KOL statements, as demonstrated by the price's extreme fluctuations following their remarks, reflecting irrational speculative characteristics in the market. In summary, while Binance's launch may inject heat into JELLY, investors need to cautiously respond to potential surges and drops as well as liquidation risks.