The launch of the Solana meme coin, JELLYJELLY in January prompted signups for an app to soar and a group to type, even after it fell 98% from its all-time excessive, Iqram Magdon-Ismail, a Venmo co-founder, advised Decrypt.
Now practically two months after its creation, JellyJelly, which debuted on Pump.enjoyable, is ready to be built-in into the app.
JELLYJELLY climbed to a $250 million market cap, after it was tied to the in-development AI-powered podcasting app of the identical identify. However, there have been no concrete plans on how the token could be used and it has since crashed to only $6 million.
Magdon-Ismail maintains that the JELLYJELLY token will likely be carried out into the app quickly and explains that, above every thing, the meme coin launch was a superb advertising device to determine an viewers.
“We acquired 10,000 signups in a day,” Magdon-Ismail advised Decrypt. “It introduced an unbelievable quantity of consciousness. I’ve to be sincere, I by no means considered utilizing this entire meme coin world as a type of promotion [but] it's beginning to grow to be very clear to me.”
JellyJelly is actually TikTok however for podcasters, permitting customers to document full episodes on the app that are then clipped up and posted utilizing AI. Customers are in a position to enroll and obtain the app however it’s removed from the completed article.
Investor within the app Sam Lessin believes meme cash work as a advertising device since you instantly entice tons of eyes trying to flip a fast buck on the token. In doing this, a few of these merchants could grow to be genuinely within the product behind the speculative commerce. On the time of writing, JELLYJELLY has 34,275 holders. This determine was seemingly a lot increased again in January.
“Out of all of that, I believe there’s a real group of like two to a few thousand individuals in our Discord and Telegram communities that genuinely consider within the product,” Magdon-Ismail mentioned. “In case you open the Jelly feed in the present day, I’d say 50% of our person base are those that maintain the coin.”
Different tasks like Pythia, a Russian analysis lab, have additionally embraced a meme coin as a type of advertising. Equally, AI tasks like Reality Terminal have used associated meme cash as a method to fund the event of the mission, nonetheless, Lessin says that he’s unconvinced that’s in the way forward for JellyJelly.
“My private take is: eh,” he mentioned, smiling. “That's popping out of somebody's pocket in a zero sum manner—and, I simply don't assume that that feels nice. Now, once more, I’m actually open to it down the road.”
JELLYJELLY debuted largely off vibes and enjoyable, with no strong plans on what to do with it. This lack of clear path mixed with macro downward pressures despatched it plunging. However, Magdon-Ismail says the token’s plan has progressed considerably since its spontaneous launch.
“[The plan has] developed very quickly and swiftly,” he mentioned. “The very first thing we’re constructing into the app is the power to show and confirm possession of the coin—how a lot of the coin you personal and the way lengthy you’ve held it. When you do that you just get just a little Jelly coin badge.”
Alongside this growth, a local JellyJelly pockets—akin to the Telegram pockets—is within the works which is able to permit you to pay and obtain tips about the platform. Whereas Magdon-Ismail is optimistic this function is coming “quickly,” he’s apprehensive to place any exhausting date on it.
Additional down the road, the workforce plans to make use of knowledge factors regarding JELLYJELLY —variety of tokens held, tipped, and so forth.—to find out what content material the platform pushes onto customers via its algorithm. That is one among many “experiments” that JellyJelly plans to deploy as soon as the token is built-in.
“We don't should get it proper the primary time. We're going to play with it just a little bit,” Magdon-Ismail defined. “We're going to experiment over the following couple months with methods to make the most of the coin to current content material in several methods.”
Edited by James Rubin
