A new meme coin calling for the arrest of Do Kwon has seen a massive surge in price following South Korean authorities issuing an arrest warrant for the Terra (CRYPTO: LUNA) founder.
What Happened: A newly launched meme coin called JailKwon (CRYPTO: JKWON) soared 500% to a high of $0.00128 on Sept. 14, as per data from crypto data firm Messari.
The token has since dropped lower but is still up more than 280% over the last 24 hours.
JKWON’s rise follows news of a South Korean court in Seoul issuing an arrest warrant for the Terraform Labs founder and his associates, on the grounds that the individuals had violated securities markets laws.
The JKWON token was launched on the Binance Chain (CRYPTO: BNB) blockchain earlier this month. The token is tradeable on the decentralized exchange PancakeSwap (CRYPTO: CAKE).
In its 12-page whitepaper, the crypto project describes itself as the “world’s first educate-to-earn” program. It plans to leverage the social media relevance of Do Kwon and LUNA’s crash in a marketing program that would reward users for promoting the JKWON token on social media platforms like TikTok, Instagram and Twitter (NYSE:TWTR).
“Every time you see or hear DO KWON , LUNA , LUNC the Jail Kwon token will never be far from thought which grants us lifetime free marketing and spontaneous pumps whenever they trend or go viral,” stated the project.
See Also: IS TERRA (LUNA) DEAD?
Meanwhile, the Terra ecosystem’s original tokens, LUNA and Terra Classic (CRYPTO: LUNC), have achieved meme-coin status themselves, rallying more than 80% and 200% respectively over the last month.
In a report on Sept. 13, blockchain analytics firm Santiment said LUNC had taken the crown of “meme-coin king” from dog-themed cryptocurrencies Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
Photo courtesy: Terraform Labs
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