Haciyev Reşit 
On-chain and derivatives data surrounding Jelly-My-Jelly have reignited allegations of possible market manipulation in the crypto space. In recent days, unusual activity in derivatives markets has drawn significant attention to this altcoin. Data shared by blockchain analytics platform Arkham suggests that the sharp increase in open interest within a short period may be difficult to explain through normal market dynamics. According to experts, the clear mismatch between the sudden surge in futures positions and relatively limited spot trading volume could signal a speculative process. The disproportionate growth of derivatives volume compared to the spot market strengthens the possibility that the price may have been influenced primarily through leveraged trading. In such scenarios, the sustainability of price movements becomes questionable, and sharp short-term rises may be followed by sudden pullbacks.
Arkham: Sudden Spike in Open Interest
Arkham announced on social media that open interest in JELLYJELLY rose dramatically in a very short time. According to the platform’s data, this increase occurred at a speed and intensity beyond typical market behavior. Analysis suggests the surge may not be the result of random trading activity but could potentially involve coordinated actions by a specific group. Arkham representatives emphasized that the spike in open positions does not fully align with organic market dynamics, raising the possibility of a coordinated trading strategy. Open interest growth was particularly concentrated on major derivatives exchanges such as OKX and Bybit, indicating that highly leveraged futures positions were opened aggressively. Such activity is often associated with short-term price steering and increased volatility, prompting analysts to urge caution among market participants.
Imbalance Between Spot and Derivatives Markets
During the same period, JELLYJELLY was observed to be gradually accumulated on centralized exchanges like MEXC, KuCoin, and Bitget. However, spot market accumulation remained relatively limited compared to the surge in derivatives activity. According to derivatives data platform Coinglass, JELLYJELLY’s 24-hour futures trading volume reached $104 million, while spot trading volume stood at only $1.45 million. This significant discrepancy suggests that the price movement may have been largely supported by leveraged positions rather than organic spot demand.
Price Surged 19%
Exchange data shows that JELLYJELLY gained 19% over the past 24 hours, reaching $0.093. However, for a token with a market capitalization of approximately $68.21 million, derivatives volume exceeding $100 million is considered unusual by analysts. Experts warn that such a high derivatives-to-spot volume ratio can create conditions for sharp short-term price swings and potential liquidation cascades.
Manipulation Allegations Resurface
The simultaneous increase in open interest alongside limited spot accumulation strengthens the possibility of an organized price movement. In such scenarios, prices can first be driven higher in derivatives markets before experiencing abrupt corrections through sudden selling pressure. The elevated futures volume, rising open interest, and clear spot-derivatives imbalance in JELLYJELLY suggest heightened volatility risk. On-chain and derivatives data indicate that the price movement may be backed by unusual capital flows, leading analysts to emphasize that investors should remain cautious amid the risk of significant volatility.
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