A coordination group of whales suspected of getting exchanged by major cryptocurrencies manipulated the price of $jelly tokens, causing huge losses to liquid providers in liquid liquids.
Due to the action of whales, high mobility leads to significant exposure
According to Lookonchain, the trader executed a large short position on super fluency while obtaining a jelly token externally. The trader then removed its margin, causing the hyperliquid HLP to take over the short-term loss of $4.5 million. At one point, this huge short position suffered more than $6 million in losses in HLP.
Meanwhile, another wallet address made a long order on it and at some point had up to $12 million in PNL.
Source: Super Mobile
Since then, the whale has begun buying back jelly, pushing losses from previously held short positions to more than $12 million.
A big whale, 124.6 million $Jelly($4.85 million) price manipulation $Jelly(jellyjelly) puts hyperliquidity providers (HLP) in a loss of $12 million!
He abandoned it first $Jellycrashed the price and left HLP with a passive short position of 398 million $Jelly($15.3 million).
Then he bought… pic.twitter.com/kyckshv4rl
– lookonchain (@ lookonchain) March 26, 2025
Things are not as simple as they seem
According to Chain Chain researcher ZachXBT, the situation extends the initial observations. The two addresses involved in Jelly Price Manipulation (0x20E8 & 0x67F) show the connection to centralized exchanges such as OKX, MEXC, BYBIT and BINANCE. Both addresses show interactions and receive funds from these exchanges.
The direct announcement from OKX and Binance further confirmed the suspicion that these exchanges may have “malicious intentions” and listed the permanent pair of Jelly Memecoin.
Learn more: Binance will list Jellyjelly and Mavia on the permanent market
The price abnormal reaction of hype
After the price of the whale manipulates the token, the price Hype Has experienced a sharp decline. Fortunately, Super Flex quickly crushed the jelly and closed the jelly’s short position, thus avoiding any loss.
The action resulted in a 25% increase in hype prices.
After the announcement, hype prices rose sharply – Source: Coingecko
in conclusion
This event seems to indicate a statement of hostility to ARMYLICED (DESCEMTRIDED EXCHANDE (DEX)) through Centralized Transactions (CEXS). With the growing market share of super liquidity, this operation underlines the need for this Tier 1 DEX project to implement substantial enhancements to effectively counter major market competitors.
