The Solana-based altcoin JELLYJELLY reached an all-time high of $0.50 on November 4th, achieving a $500 million market capitalization. This surprising rally, amid a general market downturn, has raised suspicions. The analytics platform Bubblemaps warned of potential JELLYJELLY market manipulation.
The crypto market suffered a sharp decline. Bitcoin (BTC) briefly lost the $100,000 level, while Ethereum (ETH) fell to $3,000. However, JELLYJELLY skyrocketed. Bubblemaps detected highly suspicious coordinated activity. Seven new wallets withdrew 20% of the total JELLYJELLY supply from the Gate.io and Bitget exchanges. Immediately after, the price surged by an astonishing 600%, just after having dropped 80% from previous highs.
This move suggests an effort to restrict liquidity on centralized exchanges. By reducing the available supply, it becomes easier to artificially inflate the price. This is not the first incident of its kind. JELLYJELLY already faced similar accusations in March 2025. On that occasion, a whale manipulated its price on the HyperLiquid DEX, threatening $230 million in losses in the HLP vault.
Is JELLYJELLY’s success an illusion created by large players?
The HyperLiquid incident was so severe that the DEX delisted JELLYJELLY from its platform and refunded affected traders. It also implemented stricter open interest caps. The repetition of these tactics raises serious doubts about the legitimacy of the token’s price. The potential JELLYJELLY market manipulation erodes investor confidence. It also highlights the inherent risks of memecoins with supplies concentrated in few hands.
Despite the controversy, speculative interest remains high. After the peak, the token corrected to $0.25, but still held a 31.7% gain in 24 hours, placing its market value at $250 million. CoinGecko data showed a 96% increase in trading volume, reaching $462 million. Investors are watching to see if exchanges will take action in response to these clear signs of coordinated activity.
