Iqram Magdon-Ismail, the co-founder of Venmo, along with Sam Lessin, the first investor in this famous mobile payment app, have just launched a Token on the Pump.fun platform called Jelly-my-jelly (JELLYJELLY). This Token quickly reached a market capitalization of 250 million USD and is expected to support the upcoming JellyJelly video sharing app of both.
Although launched from a meme coin platform, this Token has clear utility features, eliminating the possibility of it being classified as a meme coin. This is one of the first projects to leverage the Pump.fun platform to issue a Token, with the purpose of closely integrating it with an upcoming product.
JELLYJELLY was launched on Pump.fun on Wednesday evening and quickly listed on Raydium shortly after Lessin posted the link on his X account.
Initially, there were rumors that Lessin - an early investor in Solana and Venmo - had been hacked. However, later, the co-founder of Solana, Anatoly Yakovenko, confirmed and reposted the post on X, clarifying the situation.
Within 4 hours, this Token surged 1,278%, from a market capitalization of 18.38 million USD to 253 million USD. However, 12 hours later, JELLYJELLY dropped 55%, leaving 84.9 million USD, according to information from DEX Screener.
Magdon-Ismail and Lessin both confirmed that this Token will provide early access to the JellyJelly video chat app, although the specific details on how are still being finalized.
"The whole process happened faster than we expected," Magdon-Ismail shared on X Spaces. "We literally just did this on Jelly," Lessin happily responded.
According to the information on the Apple App Store, "JellyJelly is the fastest way to share video clips from your video chats with friends and family."
The app allows users to record video calls while JellyJelly automatically generates captions, titles, and call summaries. The app will then automatically create short clips for social media - a feature that podcasters and livestreamers often have to do manually.
"What TikTok does for video, we'll do for podcasts," Magdon-Ismail explained.
While the founders say the Token will provide early access to the app, users can currently download and use JellyJelly. In the current version, the app has a TikTok-style feed allowing users to view videos posted by others.
The app also includes tabs like "People" to call other users, "Create" to record your own videos, "Library" to connect with your photo library, and a "Profile" tab.
Magdon-Ismail said he does not own any Tokens, but is trying to buy in. He explained that the Token has risen in price too quickly for him to keep up. However, the current deployer wallet has purchased 1.8% of the total Tokens. Lessin has also made statements on X Spaces that lead many investors to believe he controls this wallet.
The integration of the Token into the JellyJelly app remains unclear. Magdon-Ismail said the app is currently considering monetization options from posts, potentially through a "tipping" feature using the Token. The Token may also unlock a higher tier of the app.
This is one of the latest projects in the trend of startups issuing Tokens through Pump.fun to generate attention and raise capital for their products. Previously, this trend mainly focused on artificial intelligence projects, such as ElizaOS with the ai16z (AI16Z) Token.
Recently, Vine founder Rus Yusupov has launched Vine Coin (VINE), which has reached a market capitalization of 475 million USD.
Initially, VINE was just a nostalgic meme. However, over time, there have been many speculations that this Token could be part of the plan to relaunch Vine after Yusupov posted a waitlist link.
Notably, Lessin said that Rushir Parikh, the co-founder of the food brand Popchew, has been involved in the launch of VINE and is also supporting JellyJelly. Currently, VINE has a market capitalization of 245 million USD.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Han Tin
