JELLYJELLY's market capitalization once surpassed $500 million: a big pump against the trend sparks market manipulation concerns

Solana Ecosystem Meme Coin JELLYJELLY Surges Against the Market Downtrend, Hits $0.5 High on November 4, 2025, Market Cap Exceeds $500 Million. However, this rally has raised suspicions of market manipulation by blockchain analysis platform Bubblemaps, with multiple wallets allegedly coordinating withdrawals to inflate the price. This is also the second time JELLYJELLY has faced “manipulation” accusations in 2025.

JELLYJELLY Surges Against the Market Downtrend

On November 4, the overall crypto market experienced a sharp decline. Bitcoin (BTC) briefly fell below $100,000, and Ethereum (ETH) retreated to around $3,000, reaching its lowest point since July.

Contrasting sharply with this overall bearish trend, Solana ecosystem Meme Coin JELLYJELLY (symbol: $JELLYJELLY) became the biggest dark horse of the day, with its price soaring to a historic high of $0.5, and its market capitalization surpassing $500 million.

According to market data, JELLYJELLY’s 24-hour trading volume surged by 96%, reaching $462 million, indicating strong inflows of speculative funds. Although the price later retraced to around $0.25, it still recorded a 24-hour increase of 31.7%, with its market cap stabilizing around $250 million.

This unusual rally made JELLYJELLY one of the few tokens to “rise against the trend” during the panic, also drawing analyst attention to the factors driving its price.

Bubblemaps Reveals Potential Manipulation: Seven Wallets Withdraw 20% of Supply

Blockchain analysis platform Bubblemaps released a report indicating that, within four days before JELLYJELLY’s surge, seven wallets that had never been active before withdrew about 20% of the circulating supply from centralized exchanges.

Bubblemaps posted on X (formerly Twitter):

“After these CEX withdrawals, JELLYJELLY surged 600% in a short period, just after its price had dropped 80% from its high.”

This method is considered a typical liquidity manipulation technique: by concentrating withdrawals to reduce the available tokens on exchanges, creating a false impression of rising prices, and inducing “FOMO” (fear of missing out), attracting retail investors to buy in.

Additionally, Bubblemaps emphasized that it is currently unable to confirm whether the manipulation was organized by a team, but on-chain data clearly shows abnormal concentrated activity patterns.

JELLYJELLY Previously Involved in HyperLiquid Manipulation Incident

This is not the first time JELLYJELLY has been accused of market manipulation. In March this year, the token was involved in a key incident on the decentralized exchange HyperLiquid.

At that time, a whale account used high leverage to create a short squeeze on HyperLiquid, causing the platform’s HLP vault to face potential losses of up to $230 million. Following the incident, HyperLiquid urgently delisted JELLYJELLY trading pairs, refunded affected users, and strengthened system security, including strict token listing reviews and open interest caps.

This incident remains one of the typical manipulation cases in the decentralized derivatives market. Now, with JELLYJELLY back in the spotlight, concerns about its market transparency and token distribution structure have intensified.

Market Analysis: Speculative Cycles and Liquidity Risks of Meme Coins

JELLYJELLY’s surge again highlights the high-risk characteristics of the Meme coin market. During overall market downturns, some speculative funds tend to flow into highly volatile assets in pursuit of short-term gains. Such behavior often results in rapid price spikes but lacks sustainable fundamentals.

Analysts suggest that if Bubblemaps’ suspicions are accurate, the cycle of “manipulation – pump – dump” could repeat, posing significant risks to retail investors. Moreover, high-speed blockchains like Solana provide ample liquidity foundations for these assets, making manipulation more covert.

Conclusion

JELLYJELLY’s record high amid the crypto market downturn undoubtedly demonstrates the extreme volatility and market sentiment-driven nature of Meme tokens. However, with Bubblemaps revealing potential on-chain coordinated actions, concerns about liquidity manipulation are reignited. Moving forward, such incidents may prompt exchanges and regulators to pay more attention to Meme coin ecosystem compliance and transparency, while also warning investors to be cautious of short-term explosive rallies.