Jelly-My-Jelly (JELLYJELLY) surged more than 75% during U.S. market hours on Wednesday, delivering significant gains for traders but putting pressure on Hyperliquid Vault. The meme coin is built ...

The incident began when a trader “opened a massive $6M short position on JellyJelly” and then “deliberately self-liquidated by pumping JellyJelly’s price on-chain,” Abhi, founder of Web3 ...