The cryptocurrency market is facing a sharp downturn as major assets continue to tumble. However, Jelly-My-Jelly (JELLYJELLY), a Solana-based meme coin, has bucked the trend, soaring to a new all-time high.
The record-breaking rally has drawn suspicion from blockchain analytics platform Bubblemaps, which raised concerns about coordinated trading and possible market manipulation.
JELLYJELLY Soars to Record High as Crypto Market Plunges
The cryptocurrency market suffered a sharp decline on November 4. Bitcoin (BTC) briefly fell below $100,000. Meanwhile, Ethereum (ETH) slipped to as low as $3,000, a low last seen in July.
Sponsored
Sponsored
Despite the turmoil, JELLYJELLY emerged as a standout performer. The token reached an all-time high of $0.5 on November 4. With this rise, its market capitalization also surged to $500 million.
Nonetheless, the meme coin faced a modest correction after. At the time of writing, JELLYJELLY traded at $0.25, still up 31.7% in the past 24 hours.
The meme coin’s market value also adjusted to around $250 million. Still, trading activity remained strong. CoinGecko data showed that the daily trading volume rose by 96% to reach $462 million.
Is the JELLYJELLY Token Rally Another Case of Coordinated Trading?
The price spike attracted Bubblemaps’ attention. The blockchain analytics platform noted that seven wallets with no prior activity pulled out 20% of JELLYJELLY’s supply from Gate.io and Bitget over the past four days.
“Shortly after these CEX withdrawals, JELLYJELLY jumped +600%…. after dropping 80% from previous highs,” Bubblemaps posted.
This suggested possible market manipulation, as the coordinated withdrawal of a significant portion of the token’s supply likely constrained liquidity on centralized exchanges, making it easier to push prices upward. Such moves can create a false sense of market momentum.
Meanwhile, this is not the first time JELLYJELLY has experienced coordinated activity. In March 2025, the token was central to an incident on decentralized exchange HyperLiquid.
A whale manipulated the price, creating a short squeeze that threatened up to $230 million in losses in HyperLiquid’s HLP vault. In the aftermath of this incident, the perp DEX delisted JELLYJELLY, refunded traders, and boosted security with stricter delisting and open interest caps.
