One of the Venmo co-founders, Iqram Magdon-Ismail, and an early investment in the portable payment apps, Sam Lessin, have launched a sign on Pump. fun , called Jelly-my-jelly ( JELLYJELLY), which quickly soared to a$ 250 million market cap. The couple’s impending JellyJelly movie sharing app is expected to use the token.
Despite its roots, the token’s rumored energy really excludes it from the image gold group. It’s the most recent example of a recent trend of tasks using Pump. fun to introduce currencies that will eventually be integrated into a new solution.
JELLYJELLY made its debut on the Motor sign rocket. fun late on Wednesday, college to Raydium almost immediately after Lessin posted the connection to his X, previously known as Twitter, accounts.
Initial rumors suggested Lessin, who was a plant investor in Venmo and Solana, had been hacked. However, Anatoly Yakovenko, a co-founder of Solana Labs, later reposted the X article.
In response, the token skyrocketed 1, 278 % from a market cap of$ 18.38 million to$ 253 million in just four hours. In the eight days that followed, JELLYJELLY has since retraced 42 % to$ 145 million, according to DEX Screener.
This sign, as confirmed by Magdon-Ismail and Lessin, may give users first exposure to the JellyJelly video chat app, though specific details on how are still being worked out are still being worked out.
” This is all happening faster than we expected”, Magdon-Ismail said on X Spaces. ” Yeah, we were practically just on a Jelly doing this”, Lessin laughed in answer.
The phone’s Apple App Store list states that” JellyJelly is the quickest way to share videos conversations with friends and family.”
It aims to make it possible for users to record video calls while JellyJelly quickly summarizes, titles, and captions the call. The application will then automatically generate small clips for social media, something that many podcasters and livestreamers personally do.
” What TikTok did to clips, we are doing to apps”, Magdon-Ismail explained.
Although the founders claimed the token would give you earlier access to the app, it appears you may now use and save it. There is a TikTok-style serve in its current position that enables you to browse through videos posted by consumers.
It’s worth noting that encountered a spider where videos doesn’t perform. The app also features a” People” tab to call other users, a” Create” tab to record your own videos, a” Library” tab which connects to a users ‘ photo library, as well as a” Profile” tab.
In the X Spaces, Magdon-Ismail claimed to be looking to buy some cryptocurrencies but does not own any of them. He claimed supply was halted because the value of the token increased very fast. That said, the deployer bag has already bought 1.8 % of the offer. Lessin has made remarks on X Spaces that have led some investors to think he is in charge of the budget.
It’s not yet clear how the gift will become integrated into the software. According to Magnon-Ismail, the app is considering ways to monetize posts, perhaps using a key tipping feature. Additionally, the coin may enable a deluxe version of the application.
This release is the most recent in a series of start-ups to introduce Pump. joy tokens to promote products and generate product rumors. Previously, this trend felt fairly limited to artificial intelligence projects like ElizaOS being pushed forward by the ai16z ( AI16Z ) token, for example.
More recently, Vine co-founder Rus Yusupov launched Vine Coin (VINE ) which peaked at a$ 475 million market cap.
At first, it was just a nostalgia-driven image. But, as time has passed, speculation that it may energy the restart of Vine grew, after Yusupov posted a queue website.
Ironically, according to Lessin, Rushir Parikh co-founder of meal company Popchew helped build VINE and is also helping with JELLYJELLY. VINE now sits at a$ 245 million market cap.
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