After a series of collapses in high profile and negative press coverage, 2022 felt like a separate market from which most of the technology world kept their distance. It seems that with a President Trump in the White House, who proudly displays memecoins as he walks around his office, this is changing: Techies now like memecoins.
Since Trump came to office, several more-mainstream tech players have either launched or endorsed memecoins — a couple of which have seen major price drawdowns, like the TRUMP token. This could be a sign of animal spirits returning to crypto and that tech players are willing to put aside their past concerns in order for them to have a place at the table.
Last night, Venmo co-founder Iqram Magdon-Ismail launched a token for his new startup, a kind of TikTok-meets-FaceTime app called JellyJelly. It was launched via the Solana memcoin launchpad Pump.fun. The token quickly reached a valuation of more than $230,000,000. It crashed less than a week later to a market capitalization of under $100 million.
Magdon Ismail revealed today, on a radio podcast, that one of Solana’s founders sent him a text expressing his excitement for the launch. Magdon Ismail also said he had been in contact with someone within the Solana Foundation.
Sam Lessin is the general partner at Slow Ventures. Slow Ventures invested in Venmo as well as Solana. He then uploaded a video clip where he waxed poetic on how memecoins express a particular viewpoint. Lessin promoted memecoins on his X accounts, though it’s unclear how much he has.
This saga began shortly after the co-founder of Vine, a defunct video-sharing app, launched his memecoin. It too saw a spike in its market capitalization before retracting it quickly. Nikita Bie, an entrepreneur with a history of launching viral social media apps posted a message saying that he was launching his own memecoin. He then removed the post.
Silicon Valley’s latest memecoin enthusiasts tend to refer to such tokens by using terms like “fun” You can also find out more about the following: “community,” Not everyone believes that the use of memecoins as a tool to raise capital will benefit startups.
“I do not believe that startups launching memecoins will gain any real traction over any reasonable length of time,” Dragonfly General Partner Rob Hadick. As reasons against the startup coin, he cited dilution of attention, investors’ negative emotions when losing money, and regulatory risks.
Crypto and technology tend to attract people with a crypto-technical background. “to overreact to short-term market dynamics. We saw very similar discourse about NFTs in 2021, which turned out to be almost entirely wrong,” Hadick says
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