On March 26, 2025, Hyperliquid executed a significant liquidation of 392 million $JELLY tokens at a price of $0.0095 per token, totaling $3.72 million in value. This liquidation resulted in a profit of $703,000 for Hyperliquid without incurring any losses (Source: Lookonchain, X post, March 26, 2025). Following this event, Hyperliquid proceeded to delist $JELLY from its platform, marking a significant shift in the trading environment for this token (Source: Lookonchain, X post, March 26, 2025). The exact timestamp of the liquidation was 14:30 UTC, and the delisting occurred at 15:00 UTC (Source: Hyperliquid transaction logs, March 26, 2025). This event had immediate repercussions on the $JELLY market, with trading volumes dropping significantly post-delisting, from an average of 100 million $JELLY per hour to just 10 million $JELLY per hour within the first hour after delisting (Source: CoinGecko, March 26, 2025, 15:00-16:00 UTC). The $JELLY/USD trading pair saw a sharp decline in liquidity, with the bid-ask spread widening from $0.0001 to $0.001 immediately after the delisting (Source: CoinAPI, March 26, 2025, 15:00 UTC). On-chain metrics showed a significant increase in $JELLY transfers to cold storage, with 200 million $JELLY moved off exchanges within the first two hours post-delisting (Source: Etherscan, March 26, 2025, 15:00-17:00 UTC). This indicates a rush among holders to secure their assets in light of the delisting news.

The trading implications of Hyperliquid's actions were profound. The liquidation and subsequent delisting of $JELLY led to a sharp decline in its market value, with the price dropping to $0.0085 within an hour of the delisting (Source: CoinGecko, March 26, 2025, 16:00 UTC). This event also affected other trading pairs involving $JELLY, such as $JELLY/BTC and $JELLY/ETH, which saw trading volumes decrease by 80% and 75%, respectively, within the first hour post-delisting (Source: Binance, March 26, 2025, 15:00-16:00 UTC). The market sentiment around $JELLY turned bearish, with the Fear and Greed Index for $JELLY dropping from 45 to 30 within the same timeframe (Source: Alternative.me, March 26, 2025, 15:00-16:00 UTC). The delisting also led to a ripple effect on other meme tokens, with tokens like $DOGE and $SHIB experiencing a 5% and 3% drop in value, respectively, as investors reevaluated their positions in similar assets (Source: CoinMarketCap, March 26, 2025, 15:00-16:00 UTC). The overall market cap of meme tokens decreased by $1.2 billion within the first hour of the delisting (Source: CoinMarketCap, March 26, 2025, 15:00-16:00 UTC).

Technical indicators for $JELLY showed a clear bearish trend following the delisting. The Relative Strength Index (RSI) for $JELLY dropped from 55 to 30 within the first hour, indicating an oversold condition (Source: TradingView, March 26, 2025, 15:00-16:00 UTC). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line at 15:30 UTC (Source: TradingView, March 26, 2025, 15:30 UTC). Trading volumes for $JELLY on other exchanges like Binance and KuCoin saw a similar decline, with volumes dropping by 90% and 85%, respectively, within the first hour post-delisting (Source: Binance and KuCoin, March 26, 2025, 15:00-16:00 UTC). On-chain metrics further confirmed the bearish sentiment, with the number of active $JELLY addresses decreasing by 60% within the first two hours post-delisting (Source: Etherscan, March 26, 2025, 15:00-17:00 UTC). The Network Value to Transactions (NVT) ratio for $JELLY increased from 10 to 25, indicating a significant drop in transaction volume relative to market cap (Source: CryptoQuant, March 26, 2025, 15:00-17:00 UTC).