The decentralized exchange Hyperliquid has delisted the Jelly-my-Jelly (JELLY) memecoin due to unusual trading activities. This follows significant exploits in the decentralized finance (DeFi) sector, notably the Bybit hack. The JELLY token, launched with high expectations, saw its price crash dramatically.
- JELLY token price fell from $0.21 to $0.01 in 10 days.
- The incident involved a major short squeeze on March 26.
- A whale exploited Hyperliquid's liquidation parameters.
- Hyperliquid is now facing criticism for its handling of the situation.
| Detail | Value |
|---|---|
| JELLY Price March 26 | $0.0095 |
| Total Deposited by Trader | $7.17 million |
| Total Withdrawn by Trader | $6.26 million |
| Potential Loss for Trader | $1 million |
