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.
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.
