The Pump.Fun-backed JELLYJELLY is consolidating amid an ongoing capital reshuffle by investors.
The Solana ecosystem again saw the emergence of a sensational token, Jelly-my-jelly (JELLYJELLY). While JELLYJELLY token launch on Pump.Fun appears to some traders as a memecoin on the platform; it marks something bigger, according to the founders.
The hype that trailed the token at launch saw its market valuation jump as high as $230 million. However, the JELLYJELLY token is undergoing consolidation, with community speculation on whether the bubble has finally burst.
JELLYJELLY: Not Your Regular “Memecoin”
Founded by Iqram Magdon-Ismail and Venmo co-founder Sam Lessin, an early investor in the mobile payment app, JELLYJELLY commanded an initial skepticism. This is because many tokens have been launched through the social media profiles of celebrities in the past.
Upon confirmation of the token’s legitimacy, degens flooded Raydium to buy it, hoping it may be the next TRUMP or MELANIA. However, the bullish rally toned down a bit as consolidation sets in. Unlike regular memecoins launched on Pump.Fun, JELLYJELLY is still retaining some of its valuation.
According to price data from Dex Screener, JELLYJELLY is now changing hands for $0.0682. The token has been down by 24.22% in the last 24 hours.
The underlying plan for JELLYJELLY resonates with the more than 72,000 buyers linked to the token. According to Magdon-Ismail and Lessin, JELLYJELLY holders will gain early access to the JellyJelly video chat app.
The founders are touting this app as a TikTok rival with a unique functionality. While users can record video chats, the app can summarize the call and generate a cut-out version for use on social media. With the help of Artificial Intelligence (AI), many are betting this app will carve out a unique niche for itself.
Tying the JELLYJELLY coin to this futuristic app has encouraged many to HODL. However, the launch timeline is too short to tell how sustainable the launch success will last.
Founder’s Bet On JELLYJELLY
According to reports, the token’s creators hinted they missed out on buying it at launch. As reported by Decrypt, co-founder Magdon-Ismail noted that the rollout happened so fast, leaving them unable to make a purchase.
However, there is a likelihood that the duo have bought about 1.8% of the total supply. This projection came from the Deployer Wallet holdings with 109.88 million JELLYJELLY. Although there is no direct confirmation from the co-founders, this bet has fueled trust in the project.
It is worth noting that the Solana ecosystem is in the spotlight with high-profile memecoin launches. The primary channel for these tokens is Pump.Fun, a launchpad that is facing massive controversies.
In a recent update, the launchpad faces a Class Action lawsuit filed by lead plaintiff Diego Aguilar. While this may not impact JELLYJELLY moving forward, it remains unknown how it will affect future related token listings.
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