Watch Out: Manipulation Alert Issued for an Altcoin

Blockchain analytics platform Arkham has pointed to a notable movement in the $JELLYJELLY token’s futures trading. According to the company’s social media post, there has been a sudden increase in the amount of open positions in $JELLYJELLY.

Arkham stated that this rise could indicate an attempt at price manipulation by an organized group.

According to the platform’s monitoring data, the surge in open positions was concentrated particularly on the OKX and Bybit exchanges. During the same period, a gradual accumulation of $JELLYJELLY tokens was observed on centralized exchanges such as MEXC, KuCoin, and Bitget. The simultaneous occurrence of increased open positions and limited accumulation on the spot market raised the possibility of speculative movement.

According to stock market data, $JELLYJELLY gained 19% in the last 24 hours, rising to $0.093. However, the significant difference between the volume in the derivatives market and the spot market volume was noteworthy.

According to data shared by the derivatives data platform Coinglass, $JELLYJELLY’s futures contract volume reached $104 million in the last 24 hours. In contrast, spot trading volume remained at only $1.45 million. The token’s total market capitalization was recorded at $68.21 million.

*This is not investment advice.