JELLYJELLY Achieves $500 Million Market Cap Despite Crypto Market Crash, Faces Manipulation Concerns

The cryptocurrency market is undergoing a significant downturn as major assets continue to decline. However, Jelly-My-Jelly (JELLYJELLY), a meme coin built on the Solana blockchain, has defied the odds by reaching a new all-time high.

Key Takeaways

Market Performance: JELLYJELLY has achieved a market cap of $500 million amidst a broader cryptocurrency decline.
Price Surge: The token recorded an all-time high of $0.5 before slightly correcting to $0.25.
Trading Activity: There has been a significant increase in daily trading volume, rising by 96%.
Manipulation Concerns: Bubblemaps highlighted potential coordinated trading practices that could have influenced JELLYJELLY's price movements.
Past Incidents: JELLYJELLY has faced scrutiny before for similar manipulative trading patterns.

Use these insights to navigate the volatile landscape of cryptocurrency investments responsibly.

This remarkable price surge has caught the attention of Bubblemaps, a blockchain analytics platform that raised alarms about potential manipulation and coordinated trading practices.

JELLYJELLY Reaches New High While Crypto Market Declines

On November 4, the cryptocurrency market experienced a dramatic drop, with Bitcoin (BTC) momentarily dipping below $100,000. At the same time, Ethereum (ETH) fell to around $3,000, which is its lowest level since July.

Despite this market turmoil, JELLYJELLY stood out as a top performer. The token hit an all-time high of $0.5 on November 4, which pushed its market capitalization to an impressive $500 million. Following this surge, JELLYJELLY underwent a slight correction, trading at $0.25 while still reflecting a 31.7% increase over the past 24 hours.

Jelly-My-Jelly (JELLYJELLY) Price Performance. Source: TradingView

Although its market value adjusted to approximately $250 million, trading activities remained robust. According to CoinGecko, the daily trading volume surged by 96%, reaching $462 million.

Are JELLYJELLY's Price Movements a Result of Coordinated Trading?

The recent price surge piqued the interest of Bubblemaps. The analytics platform noted that seven wallets, previously inactive, withdrew 20% of JELLYJELLY’s total supply from centralized exchanges Gate.io and Bitget within just four days.

“Shortly after these exchange withdrawals, JELLYJELLY increased by +600% after dropping 80% from its previous highs,” said the post from Bubblemaps.

This trend raises concerns of potential market manipulation, suggesting that the coordinated withdrawal of a significant portion of the token's supply may have constrained liquidity on centralized exchanges. This situation can create a false impression of rising market momentum and mislead other traders.

Interestingly, JELLYJELLY is no stranger to such coordinated activities. In March 2025, it was involved in a notable event on the decentralized exchange HyperLiquid.

During this incident, a whale manipulated the token’s price, resulting in a short squeeze that posed a risk of $230 million in losses for HyperLiquid's HLP vault. In response, the exchange delisted JELLYJELLY, refunded affected traders, and improved security measures, including stricter delisting and open interest caps.