JELLYJELLY
| JELLYJELLY | |
|---|---|
| Token | |
| Ticker | $JELLYJELLY |
| Contract | FeR8…pump |
| Chain | Solana |
| Launched | 2025-01-29 |
| Launchpad | pump.fun |
| Status | Active |
| Also known as | jelly-my-jelly jelly $jelly JellyJelly |
| Market | |
| Price | — |
| Market cap | — |
| Liquidity | — |
| Volume (24h) | — |
| Change (1h) | — |
| Change (24h) | — |
| Links | |
| DEX Screener · Birdeye · GMGN · Solscan · pump.fun | |
JELLYJELLY (token name jelly-my-jelly) is a Solana memecoin launched on pump.fun in January 2025 to promote JellyJelly, a video app from Venmo co-founder Iqram Magdon-Ismail.[1] In March 2025 it was the subject of a short squeeze on Hyperliquid that ended with the exchange's validators delisting the market.[2][3]
Lore[edit]
The token launched late on 29 January 2025 and graduated to Raydium almost immediately after early Venmo investor Sam Lessin posted its link on X; speculation that Lessin's account had been hacked faded after Solana Labs co-founder Anatoly Yakovenko reposted it.[1] Its market cap rose about 1,278% in four hours, from $18.38 million to $253 million, then fell about 42% over the next eight hours, per DEX Screener.[1] The deployer wallet bought 1.8% of supply, and Lessin indicated he controlled it; Magdon-Ismail said he owned no tokens.[1] The founders said the token would give holders early access to the app.[1]
By mid-March 2025 the market cap had fallen to roughly $6 million. Magdon-Ismail said the coin "brought an incredible amount of awareness" and that the app got "10,000 signups in a day"; Decrypt described JellyJelly as a podcast platform that uses AI to cut episodes into short clips.[4]
Timeline[edit]
- 2025-01-29: launches on pump.fun and graduates after Sam Lessin's post[1]
- 2025-01-30: market cap peaks near $253 million[1]
- 2025-03-26: Hyperliquid short squeeze; Binance and OKX list perpetuals; Hyperliquid validators delist JELLY perpetuals[2][3]
Controversies[edit]
Hyperliquid squeeze
On 26 March 2025 a trader deposited about $7 million across three Hyperliquid accounts, opening two long positions of $2.15 million and $1.9 million and a $4.1 million short, according to Cointelegraph.[3] As JELLYJELLY's price rose, the short was liquidated but was too large to close normally, so it passed to Hyperliquid's community-owned HLP vault.[3] Lookonchain data put HLP's unrealized losses at about $12 million.[2] The price rose about 400% over a few hours.[3]
Binance and OKX both listed JELLYJELLY perpetual futures within about an hour, while Hyperliquid froze the contract.[2] Validators then voted to delist it, citing "evidence of suspicious market activity", and settled positions at $0.0095, the entry price of the trader's short.[3] Hyperliquid said all users "apart from flagged addresses will be made whole" by the Hyper Foundation and reported HLP's 24-hour PnL at about $700,000.[2][5] The trader deposited $7.17 million and withdrew $6.26 million, Cointelegraph reported.[3]
Hyperliquid's HYPE token fell as much as 22% during the episode.[2] Critics said the intervention conflicted with DeFi norms; BitMEX co-founder Arthur Hayes questioned whether Hyperliquid was decentralised, and Bitget CEO Gracy Chen called the handling "immature, unethical, and unprofessional".[3][5]
See also[edit]
References[edit]
- ^ Venmo Founder's JELLYJELLY Solana Token Surges to $250 Million Market Cap, Decrypt, 2025-01-30
- ^ Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco, The Block, 2025-03-26
- ^ Timeline: JELLY token goes sour after $6M exploit on Hyperliquid, Cointelegraph, 2025-03-28
- ^ Solana Meme Coin Sent New JellyJelly App Off to a Sweet Start, Founder Says, Decrypt, 2025-03-15
- ^ Hyperliquid Delists Surging Solana Meme Coin to Avoid Liquidation Crisis, Decrypt, 2025-03-26