JELLYJELLY Hits $500 Million Market Cap Amid Crypto Crash, Attracts Manipulation Scrutiny
The cryptocurrency market experienced a significant decline on November 4, with Bitcoin (BTC) and Ethereum (ETH) both dropping to notable lows. Despite this, the Solana-based meme coin Jelly-My-Jelly (JELLYJELLY) defied the trend, reaching an all-time high of $0.5 and a market cap of $500 million before correcting to $0.25. Blockchain analytics platform Bubblemaps raised concerns of possible market manipulation, noting coordinated trading activities involving significant withdrawals from centralized exchanges. This is not the first time JELLYJELLY has faced scrutiny for manipulation, with a prior incident in March 2025 leading to its delisting from a decentralized exchange after evidence of price manipulation emerged.
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Crypto Market Faces Sharp Decline
The cryptocurrency market is experiencing a significant downturn as major assets continue to lose value. On November 4, Bitcoin (BTC) briefly fell below $100,000, and Ethereum (ETH) dropped to as low as $3,000, a level last seen in July.
JELLYJELLY Defies the Trend
Despite the market slump, Jelly-My-Jelly (JELLYJELLY), a Solana-based meme coin, has defied the odds by surging to a new all-time high. On November 4, the token reached $0.5, pushing its market capitalization to a staggering $500 million. Although the coin experienced a slight correction afterward, it was still trading at $0.25, up 31.7% in the past 24 hours.
Robust Trading Activity for JELLYJELLY
The JELLYJELLY meme coin sustained strong trading activity even after its price adjustment. According to CoinGecko, the daily trading volume of the token soared by 96%, reaching an impressive $462 million. At this point, its market value adjusted to approximately $250 million.
Suspicion of Coordinated Trading
The dramatic price spike caught the attention of Bubblemaps, a blockchain analytics platform, which raised concerns about potential market manipulation. Bubblemaps identified that seven wallets with no prior activity withdrew 20% of JELLYJELLY’s supply from Gate.io and Bitget within a four-day period. Shortly after these withdrawals, JELLYJELLY surged by +600%, only to drop 80% from previous highs.
Manipulation Patterns and Historical Context
This is not the first time JELLYJELLY has been linked to possible coordinated trading. In March 2025, the token was at the center of a manipulation incident on the decentralized exchange HyperLiquid. A whale exploited the token's price, causing a short squeeze that risked up to $230 million in losses for HyperLiquid’s HLP vault. Following the incident, HyperLiquid delisted JELLYJELLY, refunded affected traders, and implemented stricter security measures, including open interest caps and revised delisting protocols.
Final Thoughts
The JELLYJELLY token continues to polarize the cryptocurrency market, achieving notable milestones while simultaneously attracting scrutiny for potential manipulative activities. As the market evolves, JELLYJELLY’s trajectory will likely remain under the lens of blockchain analysts and traders alike.