In a surprising twist that could rival any thriller, the cryptocurrency market witnessed the sudden delisting of JELLY perps by Hyperliquid, all thanks to some rather suspicious trading activities. It seems that in the world of digital coins, sometimes the excitement is less about good news and more about dodgy dealings.
Hyperliquid, in a bid to maintain its credibility, acted swiftly, flagging certain trading addresses and deciding to cut JELLY loose like an unwanted houseguest. Those who were innocently trading away, blissfully unaware of the shenanigans, will be reimbursed by the Hyper Foundation. However, for the flagged addresses, it’s a different story—no reimbursement party for them.
Following the delisting, JELLY’s price plummeted to $0.0085, and trading volumes dropped like a rock, with a staggering 80% decrease against Bitcoin and 75% against Ethereum. Talk about a market mood swing! The Fear and Greed Index for JELLY plummeted from 45 to 30, making it clear that traders were feeling more fear than greed.
Meanwhile, other meme tokens like $DOGE and $SHIB didn’t escape unscathed, both seeing minor drops as the market sentiment turned bearish. The Relative Strength Index (RSI) for JELLY dipped to 30, suggesting it was oversold—definitely not the party vibe it hoped for. This situation mirrors the challenges faced during a bear market when panic selling and market sentiment can swiftly shift.
As if that weren’t enough, trading on major exchanges like Binance and KuCoin saw declines of up to 90%. Yikes! With the market cap of meme tokens shrinking by $1.2 billion, the entire crypto community took a collective deep breath, reevaluating the status of similar tokens.
Hyperliquid’s decisive actions aimed to preserve market integrity, standing as a reminder that even in the crypto wild west, some rules still apply, especially when it comes to consumer protection.
