The newly launched cryptocurrency token JellyJelly, created by the co-founder of Venmo, has seen a meteoric rise in its first day of trading. The token, tied to the Solana blockchain, reached a market capitalization of $250 million within 12 hours of its launch and later settled at $65 million. JellyJelly is associated with a video-sharing app project, JellyVideoChats, which is being positioned as a revolutionary platform. The token was launched via the Pump.fun platform, a popular Solana-based launchpad for meme coins, and has secured 10 CEX listings. Early investors reported significant returns, with one trader converting an $8,200 investment into a profit of approximately $2.03 million, achieving an ROI of x249. Despite its initial success, some analysts have raised concerns about the token's sustainability, citing patterns resembling a "pump and dump" scheme. JellyJelly's rapid rise highlights the growing trend of product-backed meme coins, following the success of similar tokens like Vine Coin.