JailKwon meme coin was launched by a team with the initiative to punish Terra founder Do Kwon, who is allegedly responsible for the collapse of the LUNC coin, formerly Luna coin.
Do Kwon is the founder of TerraForm Labs, which launched the Luna coin & UST stablecoin. Luna & UST was internally connected to maintain the price of each UST coin exactly equal to the $1 value but practically this business model was impractical, which collapsed badly in the mid of May of this year. Later the team re-launch a new Luna coin and renamed the old Luna coin as LUNC coin.
On 3 September, a new token “JailKwon” was launched by a group of people, which aimed to push crypto education to keep innocent people away from risky crypto assets.
Right now this new coin is available to trade on Binance blockchain-based Defi protocol PancakeSwap, the biggest decentralized exchange on the BSC network. This coin aimed to remind the crypto community about the past incident that happened with the majority of the Crypto Investors, who invested in the LUNC coin.
So basically JailKwon seeks to put Terra founder Do Kwon behind the bars, as a punishment.
Whitepaper document read:
“Every time you see or hear Do Kwon, LUNA, (or) LUNC the Jail Kwon token will never be far from thought also added that Kwon’s infamy would provide the token with a lifetime of “free marketing and spontaneous pumps.”
A representative of JailKwon also shared some unique information about the project team and noted that they will provide a better light among the crypto investors about the incident that happened with the Terra project and also will explain why it happened & also what we should learn from such project outages.
Few reports noted that such meme coins may surely act as a better information source, which is dedicated to pushing crypto education & aware people from the bad business model, so it will further help to push crypto education.