Key Takeaways
- Venmo co-founder’s meme coin JELLYJELLY surged over 1000%, reaching a $250 million market cap shortly after its debut.
- The token will grant early entry to the JellyJelly video-sharing app, a part of a rising development of tasks utilizing Pump.enjoyable for product-backed token launches.
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Venmo co-founder Iqram Magdon-Ismail and early Venmo investor Sam Lessin launched the JELLYJELLY meme coin, which surged over 1000% inside hours, reaching a $250 million market cap.
The token was launched late Wednesday on Solana’s Pump.enjoyable launchpad, shortly transitioning to Raydium after Lessin shared a hyperlink saying the token’s launch on X.
Anatoly Yakovenko, co-founder of Solana Labs, helped drive JELLYJELLY’s surge by quoting Lessin’s launch publish, stating, “Lastly the best abilities of our technology are not working in promoting.”
At press time, the token has retraced 45% from its peak, reaching a market cap of $140 million.
The founders confirmed JELLYJELLY will present early entry to their JellyJelly video-sharing app, although particular implementation particulars stay below improvement.
The app, at present accessible on the Apple App Retailer, permits customers to document and share video name clips, with AI options for automated captioning, titling, and social media content material technology.
Whereas the app is operational with options together with a TikTok-style feed and instruments for creating clips, customers have reported video playback points.
Magdon-Ismail said he at present doesn’t personal any JELLYJELLY tokens however expressed curiosity in buying some. The deployer pockets has acquired 1.8% of the entire provide, fueling hypothesis about Lessin’s potential involvement.
The launch follows different current Pump.enjoyable choices, together with Vine co-founder Rus Yusupov’s Vine Coin (VINE), which reached a $500 million market cap.
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