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 access to the JellyJelly video-sharing app, part of a growing trend of projects using Pump.fun 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% within hours, reaching a $250 million market cap.
The token was launched late Wednesday on Solana’s Pump.fun launchpad, quickly transitioning to Raydium after Lessin shared a link announcing the token’s launch on X.
Anatoly Yakovenko, co-founder of Solana Labs, helped drive JELLYJELLY’s surge by quoting Lessin’s launch post, stating, “Finally the greatest talents of our generation are no longer working in advertising.”
At press time, the token has retraced 45% from its peak, reaching a market cap of $140 million.
The founders confirmed JELLYJELLY will provide early access to their JellyJelly video-sharing app, though specific implementation details remain under development.
The app, currently available on the Apple App Store, allows users to record and share video call clips, with AI features for automatic captioning, titling, and social media content generation.
While the app is operational with features including a TikTok-style feed and tools for creating clips, users have reported video playback issues.
Magdon-Ismail stated he currently doesn’t own any JELLYJELLY tokens but expressed interest in purchasing some. The deployer wallet has acquired 1.8% of the total supply, fueling speculation about Lessin’s potential involvement.
The launch follows other recent Pump.fun offerings, including Vine co-founder Rus Yusupov’s Vine Coin (VINE), which reached a $500 million market cap.
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