$JELLYJELLY Price Up by 146% After Whale Manipulation Causing $12M Loss for Hyperliquid’s HLP Vault

Key Points

• On-chain data shows that a crypto whale is manipulating JELLYJELLY’s price, causing losses for Hyperliquid’s HLP vault.
• As funds drain from the HLP vault, this lowers the liquidation price of the coin.

According to the latest on-chain reports, a crypto whale has been manipulating the price of Jelly My Jelly (JELLYJELLY), causing losses for the Hyperliquid HLP vault.

JELLYJELLY is a memecoin on Solana. Hyperliquid is a blockchain platform designed to boost the efficiency and performance of dApps.

JELLYJELLY Whale Manipulation

About half an hour ago, Lookonchain revealed in a post via X that a massive whale with over 124 million JELLYJELLY coins worth almost $4.9 million at the time of the post was manipulating the digital asset’s price to make the Hyperliquidity Provider (HLP) face a loss of $12 million.

The whale first dumped the coin, crashing the price and leaving HLP with a passive short position of 398 million JELLYJELLY coins worth over $15 million.

After that, the whale bought JELLYJELLY back, driving its price up and causing HLP to suffer a loss of $12 million.

A massive whale with 124.6M $JELLY ($4.85M) is manipulating the price of $JELLY (jellyjelly) to make Hyperliquidity Provider (HLP) face a loss of $12M!

He first dumped $JELLY , crashing the price and leaving HLP with a passive short position of 398M $JELLY ($15.3M).

Then he bought… pic.twitter.com/kYcKshV4rl

— Lookonchain (@lookonchain) March 26, 2025

JELLYJELLY Price Trajectory

At the moment of writing this article, the coin is trading above $0.033 with a market cap of almost $34 million. The coin is up by over 146% today.

Earlier, the coin’s price spiked by almost 386% before seeing a drop of over 28% caused by the whale’s moves.

While JELLYJELLY ‘s price sees such increased volatility, HYPE price dropped, following the whale’s moves.

HYPE Price Trajectory

Now, HYPE is down by over 21% after its price dropped from $16 to current levels around $13. The coin’s market cap is over $4.4 billion.

In a short amount of time, the coin’s price dropped by around 11%, due to the whale’s moves.

Hyperliquid’s HLP vault currently has almost $220 million in deposits, and it could face more losses.