JELLYJELLY Rebounds 3x as Three Wallet Clusters Control 57% of Token Supply
TLDR:
- Three coordinated wallet clusters control approximately 57% of JELLYJELLY’s total circulating supply
- Largest cluster holds 326M tokens worth $42.41M accumulated primarily through Gate exchange platform
- Token crashed 85% from $0.35 peak to current $0.07 level showing extreme volatility and risk factors
- MACD shows bullish momentum building while DMI indicates weakening trend and market indecision ahead
JELLYJELLY has staged a remarkable recovery, climbing nearly three times from its bottom following an almost 90% decline from all-time highs.
On-chain analysis reveals a concentrated supply structure where three coordinated wallet clusters control approximately 57% of total token circulation.
This pattern mirrors previous observations in PIPPIN, suggesting insider coordination rather than organic market activity.
Coordinated Wallet Clusters Dominate Token Distribution
The largest cluster comprises top externally owned accounts that accumulated primarily through Gate exchange.
These wallets collectively hold 326,226,487.04 JELLYJELLY tokens worth roughly $42.41 million. This group forms what analysts describe as the core supply backbone of the token’s market structure.
A second cluster consists of medium-sized accounts accumulating tokens from Bitget exchange.
Together, these wallets control 141,078,919.70 JELLYJELLY valued at approximately $18.34 million. The coordinated accumulation pattern across different exchanges suggests planned activity rather than random retail participation.
The third cluster includes numerous smaller wallets sourcing tokens from Raydium decentralized exchange.
Despite their size, these wallets display synchronized behavior that distinguishes them from typical retail traders. Combined, the three clusters hold 470,348,304.20 JELLYJELLY worth about $61.15 million.
Technical Indicators Show Mixed Signals Amid Extreme Volatility
Current trading data shows JELLYJELLY at $0.07022, representing a 36.10% decline from recent peaks.
The token experienced a dramatic surge to approximately $0.35 in late October before crashing precipitously. Price action has since formed a consolidation base between $0.07 and $0.10.
The MACD indicator displays emerging bullish momentum as the blue line crosses above the signal line with green histogram bars appearing.
Source: TradingView
This development suggests renewed buying interest despite the significant drawdown from peak levels. However, the Directional Movement Index shows ADX declining, indicating weakening overall trend strength.
Evening Trader Group’s analysis emphasizes that price movement depends primarily on whether controlling clusters choose to distribute their holdings.
The DMI shows convergence between positive and negative directional indicators around the 30-50 range, reflecting market indecision. The 85% correction from peak levels underscores the extreme volatility characteristic of this asset class.
Market observers note the supply concentration creates conditions where price action depends more on insider decisions than on broader market fundamentals or narrative strength.
The post JELLYJELLY Rebounds 3x as Three Wallet Clusters Control 57% of Token Supply appeared first on Blockonomi.
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