Meme Coin JELLYJELLY Drives 10,000 Signups Despite 98% Value Drop

The launch of the Solana meme coin, JELLYJELLY, in January sparked a surge in signups for its associated app, JellyJelly, and fostered a vibrant community despite a significant drop in its value. Iqram Magdon-Ismail, a co-founder of Venmo, shared insights on the impact of the meme coin launch, highlighting its effectiveness as a marketing tool.

JELLYJELLY, which initially debuted on Pump.fun, reached a market capitalization of $250 million. However, it has since plummeted to $6 million due to a lack of concrete plans for its integration into the app. Magdon-Ismail emphasized that the meme coin launch was a strategic move to build an audience, attracting 10,000 signups in a single day.

The JellyJelly app, described as a TikTok-like platform for podcasters, allows users to record full episodes and clip them using AI. Despite being in its early stages, the app has garnered significant interest, with 34,275 holders of the JELLYJELLY token. Magdon-Ismail noted that a substantial portion of the user base holds the coin, indicating genuine interest in the product.

Other projects, such as Pythia and Truth Terminal, have also utilized meme coins for marketing and funding. However, investor Sam Lessin expressed skepticism about the long-term viability of this approach for JellyJelly. Magdon-Ismail acknowledged the initial lack of direction for the token but emphasized that the plan has evolved rapidly.

The development team is working on integrating the JELLYJELLY token into the app, starting with features to verify coin ownership and a native wallet for payments and tips. Magdon-Ismail is optimistic about these developments but remains cautious about setting specific timelines.

Looking ahead, the team plans to experiment with using data points related to JELLYJELLY to influence content recommendations on the platform. This approach allows for flexibility and innovation, as the team aims to refine the token's utility over time.