JELLYJELLY Hits $500 Million Market Cap Amid Crypto Crash, Attracts Manipulation Scrutiny

Despite a sharp downturn in the broader cryptocurrency market where Bitcoin briefly fell below $100,000 and Ethereum dropped to $3,000, the Solana-based meme coin Jelly-My-Jelly (JELLYJELLY) achieved an all-time high of $0.5, pushing its market capitalization to $500 million on November 4.

Following this peak, the token experienced a correction, settling around $0.25 with a market cap near $250 million, though 24-hour trading volume remained high at $462 million. The rally attracted attention from blockchain analytics platform Bubblemaps, which pointed to coordinated trading activity.

Bubblemaps noted that seven previously inactive wallets withdrew 20% of JELLYJELLY's supply from centralized exchanges like Gate.io and Bitget just before the token jumped over 600%, suggesting liquidity constraints were engineered to facilitate price inflation. This is not the first time JELLYJELLY has been involved in suspicious activity; in March 2025, a whale manipulated its price on the decentralized exchange HyperLiquid, leading to a short squeeze and subsequent delisting from that platform.

(Source：BeInCrypto)