thedefiant.io
The highly volatile “internet capital markets” coin, JELLYJELLY, launched by Venmo co-founder Iqram Magdon-Ismail in January, is soaring today after it was released in the Apple App Store on mobile devices.
JELLYJELLY surged as much as 120% over the last 24 hours to a $102 million market capitalization and is currently changing hands at 0.085 per token, or an $85 million valuation.
The token first launched via the Solana token launchpad pumpfun in January, shortly after the TRUMP and MELANIA memecoins, at a time when traders were desperately looking for the next “meta,” and JELLYJELLY is largely considered one of the original “internet capital markets” coins on Solana.
As a result, JELLYJELLY skyrocketed from its launch valuation to a $250 million market capitalization in less than 24 hours, only to crash back down after the market realized it had gotten ahead of itself.
JELLYJELLY largely fell out of sight until March, when a malicious actor abused the token’s low liquidity to attack Hyperliquid’s HLP vault by liquidating themselves and passing a $10 million loss to the liquidity vault.
While the JELLYJELLY move today is large, it's not the first time the token has exploded upwards. In November, the token rallied from a $60 million market capitalization to a new all-time high of $300 million before retracing yet again.