One of the Venmo co-founders, Iqram Magdon-Ismail, and an early investor in the mobile payment app, Sam Lessin, have launched a token on Pump.fun called Jelly-my-jelly (JELLYJELLY), which quickly soared to a $250 million market cap. The token is expected to support the pair’s upcoming JellyJelly video sharing app.
Despite its origins, the token’s rumored utility actually excludes it from the meme coin category. It’s the latest in an early trend of projects using Pump.fun to launch tokens that will later tie in to a new product.
JELLYJELLY debuted on token launchpad Pump.fun late on Wednesday, graduating to Raydium almost instantly after Lessin posted the link to his X, formerly known as Twitter, account.
Initially there was speculation that Lessin—who was a seed investor in Solana as well as Venmo—had been hacked. But then
