JELLYJELLY Open Interest Surge Raises Manipulation Concerns

Arkham has reported a significant increase in open interest for the cryptocurrency JELLYJELLY, suggesting potential manipulation by a group. The surge was observed on trading platforms OKX and Bybit, alongside moderate accumulation on exchanges like MEXC, Kucoin, and Bitget. JELLYJELLY’s price has climbed 24% in the last 24 hours, reaching $0.069.

Data from Coinglass indicates that JELLYJELLY’s 24-hour contract trading volume hit $104 million, while its spot trading volume was only $1.45 million. The cryptocurrency’s market capitalization stands at $68.21 million, highlighting the disparity between contract and spot trading activities.