Jelly-My-Jelly Project Update

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Biggest Stories of 2025

• App Store Release and Token Surge: JELLYJELLY, the token from Venmo co-founder Iqram Magdon-Ismail's video chat app, surged up to 120% following its Apple App Store release, trading at a $102 million market capitalization ($0.085 per token) at the time. This marked a major milestone in the project's push toward mainstream consumer adoption. (December 11, 2025) 2
• November Rally: The token rallied from a $60 million market cap to an all-time high of $300 million, reflecting renewed market interest ahead of the app's public launch. (November 2025) 2
• Hyperliquid JELLY Delisting Update: The Hyperliquid team provided clarity on the earlier "suspicious market activity," explaining that a trader self-traded a 4 million USDC JELLY short position at 0.0095, after which the price rose more than 4x and the HLP backstop liquidated the position at a loss. The Foundation pledged to refund users with JELLY long positions as if their position settled at 0.037555. (March 27, 2025) 3
• JELLY Perps Delisted: Following reports of suspicious market activity tied to a significant JELLY short position, the Hyperliquid validator set convened and voted to delist JELLY perpetuals, with the Hyper Foundation committing to make all users apart from flagged addresses whole. A user had allegedly opened a large short and self-liquidated to force a squeeze, causing the HLP Vault to accrue a significant unrealized loss. (March 26, 2025) 4
• Hyperliquid Exploit: A malicious actor exploited the token's low liquidity to pass a $10 million loss onto Hyperliquid's HLP vault, an event that shaped risk-management reforms on the exchange. (March 2025) 2
• Token Launch: JELLYJELLY initially launched on the Solana token launchpad pumpfun, briefly reaching a $250 million market capitalization before significantly correcting. (January 2025) 2