Blockchain analytics platform Arkham has pointed to a notable motion within the $JELLYJELLY token’s futures buying and selling. In accordance with the corporate’s social media publish, there was a sudden enhance within the quantity of open positions in $JELLYJELLY.
Arkham said that this rise may point out an try at worth manipulation by an organized group.
In accordance with the platform’s monitoring knowledge, the surge in open positions was concentrated significantly on the OKX and Bybit exchanges. Throughout the identical interval, a gradual accumulation of $JELLYJELLY tokens was noticed on centralized exchanges resembling MEXC, KuCoin, and Bitget. The simultaneous prevalence of elevated open positions and restricted accumulation on the spot market raised the opportunity of speculative motion.
In accordance with inventory market knowledge, $JELLYJELLY gained 19% within the final 24 hours, rising to $0.093. Nonetheless, the numerous distinction between the quantity within the derivatives market and the spot market quantity was noteworthy.
In accordance with knowledge shared by the derivatives knowledge platform Coinglass, $JELLYJELLY’s futures contract quantity reached $104 million within the final 24 hours. In distinction, spot buying and selling quantity remained at solely $1.45 million. The token’s whole market capitalization was recorded at $68.21 million.
*This isn’t funding recommendation.
