Editing JELLYJELLY

**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
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
- 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
### 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
- [[ZachXBT]]
- [[Bubblemaps]]
- [[Burwick Law]]
- [[KIP Protocol]]
- [[YZY]]
- [[Broccoli]]
- [[Hayden Davis]]
- [[Kelsier Ventures]]

## References
1. [Venmo Founder's JELLYJELLY Solana Token Surges to $250 Million Market Cap](https://decrypt.co/303551), Decrypt, 2025-01-30
2. [Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco](https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco), The Block, 2025-03-26
3. [Timeline: JELLY token goes sour after $6M exploit on Hyperliquid](https://cointelegraph.com/magazine/timeline-jelly-token-exploit-hyperliquid), Cointelegraph, 2025-03-28
4. [Solana Meme Coin Sent New JellyJelly App Off to a Sweet Start, Founder Says](https://decrypt.co/310053), Decrypt, 2025-03-15
5. [Hyperliquid Delists Surging Solana Meme Coin to Avoid Liquidation Crisis](https://decrypt.co/311713), Decrypt, 2025-03-26
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