Jelly-My-Jelly (JELLYJELLY)

Possible dump incoming with this breakdown for $JELLYJELLY

Just another memecoin that I have seen popping up on the time line

I never bought it and I don't recommend anybody to buy it

Not financial advice
DYOR https://t.co/1WmXOp9hoc

✍️Self‑driven price pumping and short‑selling have become mainstream

A few days ago I was chatting with a friend and learned that some market makers only have one trading approach: they pump the price, and if nobody follows they dump it, repeating the cycle.

Other market makers keep innovating, constantly cutting the grass😭, cnm got cut today and ended up spending money on a class again.

🌟 $JELLYJELLY loss example

I usually trade in this category; I would buy on‑chain and then place an order and forget about it.

Yesterday, bored, I saw it drop to around 70M and bought a bit, and today when the fee turned to -0.1% I thought it was fine and bought some more.

In the morning it didn’t fall to 96M because I had a limit order near 110M; after checking the price I TP’d half of my position around 90M.

During lunch I noticed the fee had dropped to -1.5%; I wondered if it was to trigger a short squeeze, so I added a bit more.

Then something strange happened: a frantic series of spikes between 70–95, and around 1:30 pm it hit near 90M for the last time.

It never went up again.

At that point the on‑chain price was around 99M, while the exchanges were around 70M, and my logic started to break.

Normally a short squeeze may cause a contract discount, but a 30‑40% discount is impossible; that means someone was mindlessly pushing the price down.

And at that moment there seemed to be only one culprit.

It was the ‘dog’ market maker who created a massive short position to lure the opposite side into going long, then dumped the spot and completed his own liquidation.

It reminded me of the recent $POWER case, which was pumped up and then the same entity started shorting, successfully completing the transfer😭.

Now we’re watching whether the $JELLYJELLY whales are done and moving to another token, or will keep playing.

This asset often experiences wild spikes and crashes; many admire that dude, hoping he won’t abandon the position, because if he does I’ll be left empty‑handed.

Nevertheless, everyone seems better off staying away, it requires endurance; the market maker probably tried this for the first time and wasn’t brave enough to crash it outright, keeping the futures‑spot spread at 30‑40%.

The final move was to slam the high price, because many had bought at low prices waiting for convergence. (I’ve been updating this in TG.)

✍️In conclusion

The loss will inevitably be on the last trade, but market makers now use all kinds of bizarre tactics; it’s better to stick to simple strategies, the complex ones are too convoluted and not worth it.

Continuing to simplify 😑.

Market makers are getting more and more sophisticated 😭

JELLYJELLY incentive manipulation, is it starting again? 👻

▶︎ On-chain market cap $89.95 million
▶︎ Binance contract market cap $67.17 million

Current spot-futures price difference is as high as 34% — the price anomaly appears to have started around 9 a.m. this morning, with the first small price peak at 10 a.m., but at 2 p.m. the on-chain price surged again while futures price unexpectedly fell, creating a large price gap.

Binance JELLYJELLY's latest contract open interest is $9.96 million, which spiked around 1 p.m.; the funding rate is -2%, indicating massive short positions ignoring price, after Hyperliquid there’s more trouble…