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Jelly Jelly Coin News What’s Next After Whale-Induced Price Surge?
JELLYJELLY ($JELLYY) was a meme coin that hit the news recently with a 500% price spike and an accusation that it was being manipulated. The incident put the decentralized exchange Hyper liquid at risk of losing $12 million, but the exchange quickly managed to turn a potential disaster into a $703,000 profit. Trading is now suspended, and they have confirmed a total delisting. What is next for JELLYJELLY?
What Happened to JELLYJELLY on Hyperliquid?
As per Hypurrscan, the trouble started when a whale that was holding $124.6M ($4.85M) deliberately manipulated the market price. The trader made a big mess of JELLY, dumping a nice amount (crashing the market and leaving the HLP with a passive short position of 398M $JELLY ($15.3M)). After an hour the whale rebought memecoin and pushed the value up 500% in one hour.
If JELLY had hit $0.16, it would’ve automatically led to the liquidation of Hyperliquid, which stepped up to prevent this.
With $392M $JELLY ($3.72M), the exchange liquidated it at $0.0095, for $703K. After the event was reported, Hyperliquid delisted JELLY JELLY, raising questions about the future of the token.
JELLYJELLY Price Prediction: Can It Recover?
As the recent delisting and potential federal regulator scrutiny follow, memecoin appears to be on a rough ride ahead. Here’s what investors should think.
1. Market Sentiment & Exchange Support
JELLYJELLY’s future is ultimately dependent on whether major exchanges such as Binance or OKX decide to take action. If Binance continues to allow meme coin to be traded, there could be some stability, but with Hyperliquid delisting, a precedent could be set for others.
2. Whale Influence & Liquidity Risks
It seems that due to the recent incident, whale manipulation is a danger to memecoin. If this type of thing does happen again, investor confidence may be damaged, and it may fall further.
3. Short-Term & Long-Term Price Predictions
Short term (30 days or so): memecoin should have support above $0.012 and not be manipulated any further; we could see a retest of $0.025-$0.040.
Mid term (3-6 Months): If market sentiment improves and new liquidity sources emerge, there should be a chance for $0.060 to be reached.
Long term (12+ Months): If meme coin can withstand the regulatory scrutiny and gain its exchange listings, it could hit $0.10, but risk being delisted from multiple platforms could move it below $0.005.
The memcoin spike is a perfect example of the risks associated with meme coin price volatility. Although the market may be able to recover in some capacity, the risk of further exchange delisting is still considerable. Always follow the market for updates.
Hyperliquid Price Prediction:
Hyperliquid’s native token (HYPE) has experienced a significant downturn, falling below $15 with a nearly 10% drop in the past 24 hours. If the altcoin holds above $12, then the value can go up in the short term.
Also read:
Walrus Protocol Mainnet Launch Date: What’s the Price Prediction?
