jellyjelly and the rise of the Startup Coin

The article argues that a new "startup coin" trend is emerging, following the launch of the jellyjelly token by founders Sam Lessin and Iqram Magdon-Ismail, co-founder of Venmo. The token reportedly rose to a $250M market cap at its peak and was at $83M when the article was written, after a Spaces with 80k listeners. Jellyjelly reportedly created a community of 50k+ token holders in less than a day, though the author notes that retaining those holders beyond financial incentives is a major challenge. Other startup tokens have followed, and the author says many have been scams, with one founder's token ending in what the author calls a theatrical rug.