Ah, the world of cryptocurrency! Where whales—yes, those enormous, blubbery creatures of the deep—have taken to manipulating the price of a memecoin called $JELLYJELLY. Who knew that jellyfish could be so financially savvy? 🐙
These whales, apparently with more money than sense, decided to play a little game of financial hopscotch. They raised the price of $JELLYJELLY by a staggering 385% before promptly dropping it like a hot potato. One can only imagine the chaos that ensued—like a toddler with a sugar rush in a candy store! 🍬
According to the sleuths at Lookonchain, one particularly crafty whale opened large short positions on Hyperliquid while simultaneously buying up Jelly tokens. This little maneuver cost Hyperliquid a cool $4.5 million. At one point, their losses ballooned to over $6 million. Talk about a financial belly flop! 🤦♂️
But wait, there’s more! Another whale decided to jump in with a long position, sending the price of JELLYJELLY soaring once again. It’s like watching a soap opera, but with more money and fewer dramatic pauses. In the end, Hyperliquid’s losses reached a staggering $12 million. Ouch! 😱
Enter ZachXBT, the Sherlock Holmes of the blockchain world, who discovered that the wallets involved were linked to major exchanges like OKX, MEXC, Bybit, and Binance. Suspicious? You bet! It’s like finding out your favorite restaurant is secretly a front for a jellyfish smuggling operation. 🍽️
“They deposited USDC to multiple fresh deposit addresses but also reused 0xb8e linking more of their addresses on Arbitrum,” ZachXBT noted, as if we all understood what that meant. It’s like trying to decipher ancient hieroglyphics! 🧐
And just when you thought it couldn’t get any worse, the price of Hyperliquid’s own token, HYPE, took a nosedive from $16 to around $13. It’s like watching your favorite stock plummet while you’re helplessly clutching your popcorn. 🍿
However, in a plot twist worthy of a Hollywood blockbuster, Hyperliquid acted swiftly by delisting JELLYJELLY and closing the short position. HYPE’s price then surged by 25%, currently trading at $14.5. It’s a rollercoaster ride, folks! 🎢
Despite the chaos, Hyperliquid is working hard to keep its platform afloat. They’ve reimbursed most affected users and assured them they’d be compensated automatically. It’s like a lifeboat in a sea of jellyfish! 🚤
And let’s not forget, Hyperliquid’s HLP Vault still holds nearly $220 million in deposits and has seen a positive net income of $700,000 in the last 24 hours. So, all’s well that ends well, right? Or is it just the calm before the next storm? 🌊
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2025-03-26 21:42