The launch of the Solana meme coin, JELLYJELLY in January prompted signups for an app to soar and a group to kind, even after it fell 98% from its all-time excessive, Iqram Magdon-Ismail, a Venmo co-founder, informed Decrypt.
Now almost 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 title. 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 can be carried out into the app quickly and explains that, above every thing, the meme coin launch was a superb advertising software to ascertain an viewers.
“We bought 10,000 signups in a day,” Magdon-Ismail informed 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 is beginning to turn into very clear to me.”
JellyJelly is actually TikTok however for podcasters, permitting customers to report full episodes on the app that are then clipped up and posted utilizing AI. Customers are ready 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 software since you instantly appeal to tons of eyes seeking to flip a fast buck on the token. In doing this, a few of these merchants could turn into genuinely within the product behind the speculative commerce. On the time of writing, JELLYJELLY has 34,275 holders. This determine was doubtless 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 folks in our Discord and Telegram communities that genuinely imagine within the product,” Magdon-Ismail stated. “In the event you open the Jelly feed immediately, I might say 50% of our person base are those that maintain the coin.”
Different initiatives like Pythia, a Russian analysis lab, have additionally embraced a meme coin as a type of advertising. Equally, AI initiatives like Fact Terminal have used associated meme cash as a solution to fund the event of the challenge, nevertheless, Lessin says that he’s unconvinced that’s in the way forward for JellyJelly.
“My private take is: eh,” he stated, smiling. “That is popping out of somebody’s pocket in a zero sum method—and, I simply do not 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 stable plans on what to do with it. This lack of clear route 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 stated. “The very first thing we’re constructing into the app is the flexibility 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 a bit of Jelly coin badge.”
Alongside this improvement, a local JellyJelly pockets—akin to the Telegram pockets—is within the works which is able to can help you pay and obtain tips about the platform. Whereas Magdon-Ismail is optimistic this characteristic is coming “quickly,” he’s apprehensive to place any laborious date on it.
Additional down the road, the workforce plans to make use of knowledge factors referring to JELLYJELLY —variety of tokens held, tipped, and many others.—to find out what content material the platform pushes onto customers by its algorithm. That is one in every of many “experiments” that JellyJelly plans to deploy as soon as the token is built-in.
“We do not have to get it proper the primary time. We’ll play with it a bit of bit,” Magdon-Ismail defined. “We’ll experiment over the following couple months with methods to make the most of the coin to current content material in numerous methods.”
Edited by James Rubin
