JELLYJELLY, a meme coin operating on Solana,
meme
token, has climbed to a $500 million valuation even as the wider crypto market faces a downturn, leading to questions about possible price manipulation. The coin hit a record price of $0.50 on November 4, bucking the trend as
Bitcoin
slipped below $100,000 and
Ethereum
dropped to $3,000—its lowest since July, according to
a Yahoo Finance report
. Although the price later corrected to $0.25, JELLYJELLY is still up 31.7% in the last day, with daily trading volume jumping 96% to $462 million, based on
a BeInCrypto analysis
.
Blockchain analytics company
Bubblemaps
flagged suspicious trading patterns, observing that seven previously dormant wallets withdrew 20% of JELLYJELLY’s total supply from exchanges such as Gate.io and Bitget within four days. This rapid outflow of liquidity, followed by a 600% surge in price, points to “manipulative strategies designed to boost momentum,” the firm noted, as cited by Yahoo Finance. This comes after a March 2025 event on the decentralized exchange HyperLiquid, where a large holder triggered a short squeeze that threatened $230 million in losses, leading the platform to remove JELLYJELLY and strengthen its risk protocols, according to BeInCrypto.
The token’s price swings have drawn interest from leveraged trading platforms.
Aster
has introduced a JELLYJELLY contract with leverage up to 5x, while HyperLiquid provides
BTC
at 40x, ETH at 25x, and SOL at 20x, as reported by
a Coinotag article
. These leveraged products can magnify both gains and losses, especially during volatile market moves. At the same time, HyperLiquid’s own token (HYPE) has declined for seven straight days, now trading below $38 amid a general risk-off mood, according to
an FXStreet report
.
The rally in JELLYJELLY mirrors a wider pattern of meme coin speculation, fueled by social media buzz and easy access for retail traders. Still, skeptics point out that the token’s practical use remains uncertain, with its price largely driven by speculative trading. “This is not about underlying value—it’s about controlling liquidity and orchestrated buying,” one analyst commented, echoing Bubblemaps’ warnings highlighted by Yahoo Finance.
This situation highlights the increasing attention from regulators and the market on meme coins, especially after recent enforcement actions by the U.S. Securities and Exchange Commission against crypto exchanges. While JELLYJELLY’s recent surge has caught the eye of institutional players—Upexi boosted its
Solana
holdings by 4.4% in October—analysts warn against heavy reliance on speculative tokens during turbulent market periods, as noted by BeInCrypto.
