JellyJelly Token From Venmo Co-Founder Iqram Magdon-Ismail Surges 2800x on Pump.Fun Launchpad

The argument for Pump.Fun serving as a platform to launch an ICO (initial coin offering) is picking up steam again after Venmo's co-founder, Iqram Magdon

Venmo co-founder Iqram Magdon-Ismail has launched a token on memecoin launchpad Pump.Fun, an event that sparked a surge in the token's price but also left some traders disappointed.

The token, JellyJelly, is linked to an app with the same name focused on content creation and clipping. The founders touted it as “The fastest way to post clips from a video chat.”

The utility token's launch has garnered attention in the memecoin and Solana communities, with traders hoping that the token's success will propel a wave of fair launch tokens for legitimate startups.

Magdon-Ismail co-founded Venmo, a digital payment platform that launched in 2009 and was eventually acquired by Braintree for $26 million in 2012, which was then acquired by Paypal shortly after. According to PriorData, Venmo processed $270 billion in payments volume across an estimated 82 million users in 2023.

Lessin, general partner at Slow Ventures, is also known for his role as a former VP of Product at Facebook, now Meta, as well as being a seed investor in Solana and Venmo.

Lessin shared the token creation on his personal X profile on Jan. 29, and Magdon-Ismail joined the livestream where he told users, “We’re launching a jellyjelly coin to support the jelly creators on the jelly app…the jellyjelly coin is something that gets you access to the app and we’re going to build it into our ecosystem.”

Following the livestream, JELLYJELLY proceeded to surge another 5x to an all-time high market capitalization of $250 million, from $50 million. The token reached this valuation in just two and a half hours from its launch on PumpFun, a 2800x in that amount of time.

After its massive run-up, the token retraced significantly today and currently changes hands at a $118 million market cap, a 53% decline. In addition to early buyers taking profits, confidence around the token’s valuation and utility was shaken after Magdon-Ismail hosted an X spaces today that some referred to as “underwhelming.”

The token's utility structure is yet to be specified outside of the fact that it will be used for access to the platform and serve as a way to support creators, presumably through tips or payouts.

JellyJelly was founded in January 2023, and is currently in closed beta. Users can request early access via its website and potentially holding $JELLYJELLY tokens, according to the team’s livestream.