The JellyJelly token launched on Pump.fun, linked to the JellyJelly app for creating and editing video clips. One of its co-founders is Ikram Magdon-Ismail, co-founder of Venmo. Within three hours of launch, the token’s market cap surged to $250M before sharply dropping.
Why the Hype
JellyJelly created excitement in the Solana and memecoin communities, as many saw it as proof that projects with real utility could use Pump.fun as a platform for fair ICOs. In the meantime, the platform does not have the best reputation.
The token was announced by Magdon-Ismail and venture investor Sam Lessin, former VP of Product at Facebook and an early Solana investor.
"We’re launching JellyJelly Coin to support content creators in our app. The token will provide access to the platform and become part of the ecosystem," said Magdon-Ismail during a live broadcast on X.
Following the announcement, the token’s price surged 5x, peaking at a $250M market cap. However, within hours, JellyJelly’s value dropped by 67.15%, falling to $71.37M at the time of writing.
Investor Disappointment
Despite the initial success, many investors expressed concerns about the lack of clarity on the token’s functionality. While it was described as a platform access and creator support tool, the monetization and reward mechanics remain unclear.
The situation worsened after Magdon-Ismail’s live session on X, which some called "disappointing." This led to panic selling and further price declines.
Who Profited and Who Lost
The wild price swings resulted in massive gains for some traders and heavy losses for others:
- Trader "H**ler.sol" bought 24.97M tokens for $8,193 and later sold part for $1.23M.
- Another investor turned $452 into $1.7M, achieving a 376,183% return.
- One unlucky trader initially made $590K, then reinvested $1.6M at the peak, only to lose $522K as prices crashed.
This isn't the first high-profile memecoin launch. Recently, Vine co-founder Rus Yusupov launched the VINE token on Solana, which skyrocketed over 2000% after release.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.