The cryptocurrency market is facing a sharp downturn as major assets continue to fall. However, Jelly-My-Jelly (JELLYJELLY), a Solana-based coin, bucked the trend and reached a new all-time high.
The record rally sparked suspicion from blockchain analytics platform Bubblemaps, which raised concerns about trade coordination and possible market manipulation.
The cryptocurrency market suffered a sharp decline on November 4. Bitcoin (BTC) briefly fell below $100,000. Meanwhile, Ethereum (ETH) fell to $3,000, a low last seen in July.
Despite the turmoil, JELLYJELLY has established himself as a remarkable artist. The token reached an all-time high of $0.5 on November 4. With this rise, its market capitalization also jumped to $500 million.
Nonetheless, the meme coin faced a modest correction afterward. At the time of writing, JELLYJELLY was trading at $0.25, still up 31.7% in the last 24 hours.
The market value of the meme coin has also adjusted to around $250 million. Commercial activity nevertheless remained strong. Data from CoinGecko showed that daily trading volume increased by 96% to $462 million.
The price surge caught the attention of Bubblemaps. The blockchain analytics platform noted that seven wallets with no prior activity have withdrawn 20% of JELLYJELLY’s supply from Gate.io and Bitget over the past four days.
“Shortly after these CEX withdrawals, JELLYJELLY surged +600%…after falling 80% from previous highs,” Bubblemaps posted.
This suggests possible market manipulation, as the coordinated withdrawal of a significant portion of the token supply likely limited liquidity on centralized exchanges, making it easier for prices to rise. Such movements can create a false impression of market dynamics.
This is not the first time JELLYJELLY has experienced coordinated activity. In March 2025, the token was at the center of an incident on the 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. Following this incident, the criminal DEX delisted JELLYJELLY, refunded traders, and tightened security with stricter delistings and open interest caps.
Read original story JELLYJELLY hits $500M market cap amid crypto crash, draws scrutiny of manipulation from Kamina Bashir at beincrypto.com
