It is a popular meme coin on the Solana blockchain, launched in early 2025 by Venmo co-founder Iqram Magdon-Ismail and early investor Sam Lessin.
Item Background and Features
JELLYJELLY is not just a meme coin; it is part of the JellyJelly application ecosystem. This application is a short video social platform that combines AI technology, allowing users to record and share videos with auto-generated subtitles and titles, perfectly integrating entertainment with technology, which has led to its community's rapid rise to fame.
Breaking News - Jelly Coin Forced to Delist
On March 26, 2025, the decentralized exchange (DEX) Hyperliquid encountered a significant market manipulation event involving the meme coin JELLYJELLY on the Solana chain.
Event Details ~
An anonymous trader used multiple accounts to conduct high-leverage trading, triggering severe price volatility, leading to potential losses of up to $12 million for Hyperliquid's liquidity vault (HLP Vault). To prevent further losses, the Hyperliquid Validator Committee quickly voted to delist JELLYJELLY and forcibly liquidated all holders at a price of $0.0095.
Event Review:
Manipulation Technique: The trader established a short position of millions of dollars in JELLYJELLY on Hyperliquid, and then bought the token in large quantities on other exchanges, causing its price to soar over 230% in a short period.
Platform Action: The liquidity vault of Hyperliquid passively took over these shorts, with unrealized losses reaching as high as $10.5 million. To prevent further losses, the platform decided to delist JELLYJELLY and forced liquidation of the token holders.
Platform Compensation for Users: Hyperliquid promises full compensation for all unmarked user addresses and states that the compensation process will be automatically completed based on on-chain data.
Price Volatility on the Day of the Event
