A whale holding $24 million in long ARC positions on Lighter appears to be replicating the "Jelly Jelly price manipulation" incident.

according to Route 2 FI monitoring, a certain whale is holding a total long position of ARC worth 24 million USD on Perp DEX Lighter, and is increasing the position by 360,000 USD every hour through TWAP (Time-Weighted Average Price), continuously injecting funds to push the bulls. Currently, the whale has made a profit of 5 million USD.

Analysis points out that this whale's behavior is similar to the JellyJelly price manipulation incident on Hyperliquid. In March 2025, a whale trader on Hyperliquid shorted a large amount of JELLY perpetual contracts while simultaneously driving up the spot price through other accounts and on-chain, causing short sellers to be liquidated. After settlement, Hyperliquid’s liquidity pool HLP incurred losses, and the Hyperliquid team urgently delisted the contract through a governance vote and forced settlement at a very low price.

Currently, the annualized funding rate for ARC contracts on Lighter has soared to 2100%, equivalent to short sellers earning about 5.7% funding fee daily, which will attract more shorts to enter, intensifying the long-short game.