JELLYJELLY Meme Coin Surges 1000%
JELLYJELLY Meme Coin Experiences Meteoric Rise
The cryptocurrency market saw a significant surge with the launch of JELLYJELLY, a new meme coin created by Venmo co-founder Iqram Magdon-Ismail and early Venmo investor Sam Lessin. Within hours of its debut, JELLYJELLY saw a phenomenal 1000% increase, achieving a market capitalization of $250 million.
Launch and Market Performance
Launched late Wednesday on Solana's Pump.fun launchpad, the token quickly migrated to Raydium following an announcement by Lessin on X (formerly Twitter). The rapid price increase was further fueled by Anatoly Yakovenko, co-founder of Solana Labs, who shared Lessin's launch post on X, highlighting the involvement of leading tech figures.
While the coin initially reached a $250 million market cap, it later experienced a 45% correction, settling at a market cap of approximately $140 million at the time of writing.
JELLYJELLY and the Video-Sharing App
JELLYJELLY is designed to provide early access to the JellyJelly video-sharing app, currently available on the Apple App Store. This app lets users record and share video call clips, incorporating AI features for automated captioning, titling, and social media content generation. While the app has a TikTok-style feed and clip creation tools, users have reported some video playback issues.
Founder Involvement and Speculation
Interestingly, Magdon-Ismail has stated he doesn't currently own any JELLYJELLY tokens but is considering buying some. The deployer wallet holds a small 1.8% of the total supply, prompting speculation regarding Lessin's level of involvement.
Pump.fun and the Meme Coin Trend
The JELLYJELLY launch follows a pattern of successful meme coin launches utilizing Pump.fun, including Vine co-founder Rus Yusupov's Vine Coin (VINE), which reached a $500 million market cap. This trend highlights the continued appeal of meme coins and the utility provided by launchpads in the crypto space.
Codeum: Securing the Future of Blockchain
At Codeum, we provide comprehensive blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. We help projects like JELLYJELLY navigate the complexities of the blockchain industry and build securely and transparently.