Venmo Co-Founder’s JELLYJELLY Token Soars to $250M

Venmo co-founder Iqram Magdon-Ismail and early Venmo investor Sam Lessin have launched JELLYJELLY, a token on Pump.fun that quickly surged to a $250 million market cap before retracing 42% to $145 million.

Unlike typical meme coins, JELLYJELLY is rumored to have real utility, as it will grant holders early access to the pair’s upcoming JellyJelly video-sharing app. This aligns with an emerging trend of Pump.fun tokens linked to new products, rather than purely speculative meme coins.

The Viral Launch

JELLYJELLY debuted on Wednesday night, instantly moving from Pump.fun to Raydium after Lessin shared the link on his X (formerly Twitter) account.

At first, speculation arose that Lessin—who was an early Solana seed investor—had been hacked. But Solana Labs co-founder Anatoly Yakovenko reposted the X link, validating its authenticity.

The token skyrocketed 1,278%, jumping from a market cap of $18.38 million to $253 million in just four hours. In the following eight hours, it retraced to $145 million, according to DEX Screener.

“This is all happening faster than we expected,” Magdon-Ismail admitted on X Spaces.

JellyJelly: A New Take on Video Calls

JellyJelly, the app behind the token, is already available for download. Its Apple App Store listing describes it as:

“The fastest way to share clips from video chats you have with friends and family.”

The app allows users to record video calls, automatically generating captions, summaries, and short clips for social media—a process that podcasters and livestreamers usually do manually.

“What TikTok did to videos, we are doing to podcasts,” Magdon-Ismail explained.

Currently, the app features:

• A TikTok-style feed of user-generated clips.
• A “People” tab for calling users.
• A “Create” tab for recording.
• A “Library” tab that syncs with a user’s photo gallery.
• A “Profile” tab for managing content.

Decrypt reported a bug preventing video playback, but overall, the app appears functional.

How JELLYJELLY Will Be Used

Both Magdon-Ismail and Lessin confirmed that JELLYJELLY will grant early access to the app. However, specific details remain unclear.

Magdon-Ismail hinted at possible monetization features, including:

• Token tipping to reward content creators.
• Unlocking a premium tier of the app via JELLYJELLY tokens.

The Rise of Utility-Backed Pump.fun Tokens

JELLYJELLY isn’t the only token making waves on Pump.fun. Other startups have recently launched tokens to build hype and raise funds for upcoming products.

Notably, Vine co-founder Rus Yusupov launched Vine Coin (VINE), which initially gained traction as a meme coin but later sparked speculation about a Vine relaunch.

• VINE peaked at $475 million market cap before settling at $245 million.
• It was reportedly launched with help from Rushir Parikh, co-founder of Popchew, who is also involved in JELLYJELLY.

Similarly, the AI project ElizaOS gained momentum through the ai16z (AI16Z) token, highlighting a broader trend of token-driven tech launches.

Who Controls JELLYJELLY?

Magdon-Ismail stated on X Spaces that he does not own any JELLYJELLY tokens, claiming the price surged too quickly for him to buy in.

However, blockchain data shows that the deployer wallet holds 1.8% of the supply. Many investors believe Lessin controls this wallet, based on comments he made on X Spaces.

The Future of JELLYJELLY

With an explosive launch and ties to a real product, JELLYJELLY is shaping up as more than just a meme coin. As the JellyJelly app expands, how the token integrates into its ecosystem will determine its long-term viability.

If successful, this trend of product-backed token launches could redefine how crypto projects raise capital and engage communities.