Cryptocurrency exchange Binance is listing the JELLYJELLY token, which has been in the news today due to a whale, in futures.
JELLYJELLY, a small cap altcoin with a market cap of $20 million, came onto the radar of a crypto whale today. This whale opened a massive $6 million short position for the token on Hyperliquid. The whale initiated a short squeeze and the JELLYJELLY price experienced a pump.
The token’s market value skyrocketed from $10 million to $50 million in about an hour. However, with the subsequent decline, it has a market value of $25 million at the time of writing. In order for the whale to be liquidated, its market value needs to rise to approximately $150 million.
Hyperliquid has delisted JELLYJELLY following its futures listings on Binance and OKX.
*This is not investment advice.
