key takeaways
- JailKwon is a meme coin named after Terra’s leader, Do Kwon.
- The project says it plans to offer one-on-one educational sessions on cryptographic security.
- Kwon’s celebrity will provide “free marketing and spontaneous pumping” for the token, the white paper says.
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A crypto project has launched a token called “JailKwon” in honor of Terra’s notorious puppet Do Kwon. The team behind the project describes it as a meme coin.
“Freedom Marketing and Spontaneous Pumps”
Months after Terra’s spectacular debacle, the crypto community is still following Do Kwon.
The latest gear in the fight against the failed blockchain leader is a new cryptocurrency project called “JailKwon” launched on BNB Chain on September 3rd.According to the project 12-page white paper, the token aims to be the first “educational money” cryptocurrency. It is currently tradable on PancakeSwap with the JKWON code.
“Every time you see or hear Dao Quan, LUNA, [or] LUNC’s Jail Kwon token will never be imagined,” the document reads, adding that Kwon’s notoriety will provide a lifetime of “free marketing and spontaneous pumping” for the token.
Ironically, the project claims that it will use the proceeds to offer one-on-one educational sessions on cryptographic security and market analysis, although the details of the white paper are very thin. JailKwon representative told Encrypted Briefing The project “hopes to shed light on what happened in the Terra crash”.
Kwon gained notoriety in the cryptocurrency space in late 2021 and early 2022 as Terra showed strength despite the broader market slump.Terra gained momentum after Kwon and the Luna Foundation Guard laid out plans to accumulate billions of dollars worth of bitcoin as Terra’s reserve fund, but fell out of favor when the blockchain’s algorithmic stablecoin, UST lost It was pegged to the dollar in May. The event set off a death spiral, with Terra’s LUNA crashing almost to nothing, wiping more than $40 billion off the crypto market in a matter of days. Kwon and Terra development company Terraform Labs have been hit with multiple lawsuits in South Korea and the United States. Among other things, Kwon was charged with tax fraud, racketeering, misleading investors and running a Ponzi scheme.
Despite its seemingly noble intentions, JailKwon’s antiquated white paper suggests the project is unlikely to deliver on its educational promises. Like most other meme coins, it may suffer once the initial hype wears off.According to CoinGecko data, JKWON is up 17.8% within the last 24 hours.Other famous meme coins like Dogecoin and Shiba Inu Memorably, 2021 saw a similar parabolic move, only to fall as the market fell. DOGE and SHIB are down 91.4% and 85.4%, respectively, from today’s all-time highs.
Disclaimer: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
