The cryptocurrency market is facing a sharp downturn as major assets continue to decline. However, Solana-based meme coin Jelly-My-Jelly (JELLYJELLY) bucked that trend and hit a new all-time high.
This record rally has drawn suspicion from blockchain analysis platform Bubble Map, raising concerns about the possibility of coordinated trading and market manipulation.
JELLYJELLY soars to an all-time high as the cryptocurrency market plummets
The cryptocurrency market plummeted on November 4th, with Bitcoin (BTC) dropping below $100,000 at one point. Meanwhile, Ethereum (ETH) fell to $3,000, its lowest level recorded in July.
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Despite the turmoil, JELLYJELLY emerged as an outstanding performer. The token reached an all-time high of $0.5 on November 4th. Along with this rise, the market capitalization also jumped to $500 million.
Nevertheless, the meme coin has since faced a slight correction. As of this writing, JELLYJELLY is trading at $0.25, still up 31.7% in the past 24 hours.
The market value of meme coins was also adjusted to approximately $250 million. Still, trading activity remained strong. According to CoinGecko data, daily trading volume increased by 96% to $462 million.
Is the JELLYJELLY token rally also an example of cooperative trading?
The soaring prices caught the attention of Bubble Map. The blockchain analysis platform noted that in the past four days, seven previously inactive wallets have withdrawn 20% of JELLYJELLY’s supply from Gate.io and Bitget.
“Shortly after these CEX withdrawals, JELLYJELLY soared +600% after falling 80% from its previous high,” Bubblemaps posted.
This suggested the possibility of market manipulation, as a coordinated withdrawal of a large portion of a token’s supply would likely limit liquidity on a centralized exchange, making it easier to push up prices. Such movements can create a false sense of market momentum.
Meanwhile, this is not the first time that JELLYJELLY has experienced collaborative activities. In March 2025, this token was at the center of an incident involving decentralized exchange HyperLiquid.
Whales manipulated prices, causing a short squeeze that threatened to result in losses of up to $230 million to HyperLiquid’s HLP vault. Following this incident, the criminal DEX delisted JELLYJELLY, refunded traders, and strengthened security by delisting and tightening open interest limits.
