Binance Futures Introduces USD-Margined Perpetual Contracts for Jelly (JELLYJELLY)
Binance Futures has recently listed USD-margined perpetual contracts for Jelly (JELLYJELLY), a move that comes amidst growing concerns regarding alleged market manipulation associated with HyperLiquid.
Market Environment Concerns
- Concerns escalated following reports of wallets linked to “Hyperliquid attacks” on the Arbitrum network.
- Wallets like 0xb8ebd8ec41 and 0x1072, operating across various networks, raised suspicions of coordinated manipulation strategies.
Impact on Jelly’s Price
- Alleged manipulative trades, including those by “Hyperliquid 50x,” significantly inflated JELLY prices.
- Liquidity providers like HyperLiquid’s vault (HLP) suffered nearly $12 million in cumulative losses.
Crypto marketer Abhi noted, “its no secret centralized exchanges have been bleeding perp volume to hyperliquid, but the latest drama around $JELLY may shift narrative.”
Is Binance ‘doing an FTX’ to HyperLiquid?
The decision by Binance to introduce leveraged perpetual contracts amid these allegations raises concerns about potential impacts on market stability.
Historical Influence Considerations
- Analysts question Binance’s motivations, considering past influences on other platforms like FTX.
- Previous exploits targeting HyperLiquid vaults have led to demands for stricter regulatory frameworks in the crypto community.
Speculation and Strategic Intentions
- Introduction of Jelly perpetual contracts amidst controversies sparks speculation about Binance’s strategic intentions.
- Allegations of indirect involvement by Binance in manipulative trades add to the ongoing tension.
Users have pointed to potential evidence suggesting Binance’s strategic moves to eliminate competitors, including the recent listing of Jelly.
Following suspicious market activity, HyperLiquid has decided to delist Jelly to strengthen the network and address lessons learned.
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