A new meme coin wishes to have Do Kwon imprisoned. Enter JailKwon
Important Takeaways
The meme coin JailKwon is named after Terra's leader, Do Kwon.
According to the project, it intends to provide one-on-one educational classes on crypto safety.
According to the whitepaper, Kwon's celebrity will provide the token with "free marketing and spontaneous pumps."
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In honor of Terra's notorious figurehead, Do Kwon, a crypto project has launched a token called "JailKwon." The project's creators describe it as a meme coin.
"Spontaneous Pumps and Free Marketing"
The crypto community is still after Do Kwon months after Terra's spectacular collapse.
A new cryptocurrency project called "JailKwon," which went live on BNB, is the latest to criticize the failed blockchain's leader.September 3rd. The token aims to be the first "educate-to-earn" cryptocurrency, according to the project's 12-page whitepaper. It is currently available on PancakeSwap under the ticker JKWON.
The document states that "every time you see or hear Do Kwon, LUNA, [or] LUNC, the Jail Kwon token will never be far from thought," and that Kwon's fame will provide the token with a lifetime of "free marketing and spontaneous pumps."
Ironically, the project claims it will use the proceeds to provide one-on-one educational classes about crypto safety and market analysis, despite the fact that the whitepaper is extremely brief. According to a JailKwon representative, the project "wants to shed light on what happened" in the Terra crash.
Kwon rose to prominence in the cryptocurrency community in late 2017.Terra showed strength despite a market slump in 2021 and early 2022. Terra gained traction after Kwon and the Luna Foundation Guard devised a strategy to amass billions of dollars in Bitcoin as a reserve fund for Terra, but he fell out of favor when the blockchain's algorithmic stablecoin UST lost its peg to the dollar in May. The event set off a death spiral in which Terra's LUNA fell almost to zero, wiping out over $40 billion from the cryptocurrency market in a matter of days. Multiple lawsuits have been filed against Kwon and Terra development company Terraform Labs in South Korea and the United States. Kwon has been charged with tax evasion, racketeering, and other offenses.deceiving investors and operating a Ponzi scheme
Despite its seemingly noble intentions, JailKwon's scant whitepaper suggests that the project is unlikely to deliver on its educational promises. Like most other meme coins, it may suffer after the initial hype wears off. According to CoinGecko, JKWON is up 17.8% in the last 24 hours. Other prominent meme coins, such as Dogecoin and Shiba Inu, experienced similar parabolic runs in 2021 before tanking as the market trended downward. DOGE and SHIB are down 91.4% and 85.4%, respectively, from their all-time highs today.
Disclaimer: The author of this piece owned ETH and several other cryptocurrencies at the time of writing.
For More Information Please Kindly Visit The Links Below:
Websit : https://jailkwon.xyz/
Telegram Group: https://t.me/jailkwontoken
Whitepaper: https://jailkwon.xyz/static/jailkwontokenwhitepaper.pdf
Twitter: https://twitter.com/jailkwontoken
Youtube: https://youtube.com/channel/UCjrE6vaRmsn_NxgQmtZgN3w
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