The extremely risky “web capital markets” coin, JELLYJELLY, launched by Venmo co-founder Iqram Magdon-Ismail in January, is hovering right now after it was launched within the Apple App Retailer on cell gadgets.
JELLYJELLY surged as a lot as 120% during the last 24 hours to a $102 million market capitalization and is at present altering palms at 0.085 per token, or an $85 million valuation.
JELLYJELLY 24hr Chart – CoinGecko
The token first launched by way of the Solana token launchpad pumpfun in January, shortly after the TRUMP and MELANIA memecoins, at a time when merchants had been desperately searching for the subsequent “meta,” and JELLYJELLY is essentially thought of one of many authentic “web capital markets” cash on Solana.
In consequence, JELLYJELLY skyrocketed from its launch valuation to a $250 million market capitalization in lower than 24 hours, solely to crash again down after the market realized it had gotten forward of itself.
JELLYJELLY largely fell out of sight till March, when a malicious actor abused the token’s low liquidity to assault Hyperliquid’s HLP vault by liquidating themselves and passing a $10 million loss to the liquidity vault.
Whereas the JELLYJELLY transfer right now is giant, it isn’t the primary time the token has exploded upwards. In November, the token rallied from a $60 million market capitalization to a brand new all-time excessive of $300 million earlier than retracing but once more.
