JELLYJELLY Token Reaches $230 Million Market Cap Within Two Hours
The Jelly My Jelly token has gained significant traction among investors, achieving a market cap of $230 million and $500 million in trading volume shortly after launch. Key points include:
- Investor Mansa Musa reported purchasing JELLYJELLY for $10,000 when its market cap was under $2 million; its value reached $1.32 million.
- Another investor reportedly turned $1,500 into $1 million in under three hours.
- Despite speculation, Venmo founder Sam Lessin stated he does not own any of the tokens.
- The token supports creators on the Jelly app, providing access as part of community-building efforts.
- Bybit has listed the JELLYJELLYUSDT perpetual contract, offering up to 20X leverage.
The launch reflects a trend in the Solana ecosystem, where founders utilize platforms like Pump.Fun for fundraising instead of traditional methods like VC rounds or IPOs. This movement, termed "Internet Capital Markets," aims to enhance global finance efficiency and accessibility.
Mario Nawfal highlighted the impact of Internet Capital Markets, predicting increased token launches by established builders and startups as a viable financing alternative.