Jupiter, in collaboration with Irene Zhao, launched a meme that was ridiculed, and the past projects of "Asian Mom" were accused of fraud

Author: Nan Zhi, Odaily Planet Daily

Yesterday, Jupiter co-founder Meow announced a collaboration with Irene Zhao to launch the Meme project ASIANMOM, aiming to realize its vision of "PPP Meme tokens" for fair and transparent token distribution. However, this collaboration has sparked strong dissatisfaction within the community. On-chain detective ZachXBT commented: "It's hilarious to see Irene Zhao involved in 'solving' the opaque distribution issue. She has 'apparently' done the same thing in her project SO-COL, but behind the scenes, she deceived all early investors through a secret agreement with DWF, the terms of which were not disclosed to them, and the community was completely unaware."

New Project Analysis

In early June, Jupiter co-founder Meow published an article introducing its PPP vision: "One of the most important things for me is to shift the mindset in cryptocurrency from PVP to PPP. The difference is that the PPP (player pump player, mutual assistance) community hopes that the last person to enter can also win; while the PVP (player vs player, mutual cutting) community wants the last person to enter to become the liquidity for their exit. By definition, PPP is an infinite game, while PVP is inherently a deep finite game with a clear endpoint—the last person to take over becomes the fool."

At the end of June, Meow further promoted the "PPP Meme Token Experiment", inviting users who wish to participate to leave their addresses and retweet.

Yesterday, Meow retweeted the previous post and announced the new project ASIANMOM. Meow stated that the current Meme tokens suffer from opaque project allocations, false advertising by KOLs, and issues with project parties and presale dumping, and the new project aims to address these problems while providing significant development and incentive space for participants.

Meow indicated that the project mechanism and initial airdrop list will be managed by Jupiter, while the token issuance timeline will be determined by Irene Zhao's team.

Early Project Controversies

ZachXBT pointed out that the opaque and unfair issues that ASIANMOM aims to resolve are precisely the controversial "past offenses" of Irene Zhao, specifically involving Konomi, IreneDAO, and So-Col along the timeline.

Konomi

Konomi is a cross-chain solution for Polkadot ecosystem assets. In 2021, Irene served as the Chief Marketing Officer (CMO) of the project. The project token KONO was listed for spot trading on OKX on April 6, 2021 and was delisted from OKX on January 25 of this year. The project's official Twitter has not posted any updates for six months, transitioning from a soft rug to an actual "exit scam."

IreneDAO

On January 15, 2022, Irene launched the selfie NFT series IreneDAO during the NFT craze (e.g., the Indonesian guy's selfies at the same time), with the floor price breaking 3 ETH within three days and a trading volume of 2100 ETH in five days.

However, the price began to decline thereafter, and the current floor price of this NFT series is 0.15 ETH, with a historical total trading volume of 2380 ETH, indicating that after the initial five-day trading volume of 2100 ETH, the trading volume over the next two and a half years was only 280 ETH.

So-Col

So-Col is the most controversial project with the most direct issues. So-Col is an NFT social platform created by Irene, with the project token SIMP.

On March 28, 2023, So-Col announced it had secured $1.5 million in token rights financing from DWF Labs (equivalent to selling SIMP to DWF Labs). In the report, Irene stated that the tokens have a one-year lock-up period, which will unlock in February 2024.

However, this lock-up period was effectively meaningless. According to CoinDesk, DWF's wallet received 3.3 million SIMP between March 6 and 24, during which DWF continuously transferred tokens to KuCoin, totaling 2.6 million tokens. After the financing announcement, SIMP doubled in a week, only to plummet 70% on April 4.

Responses from Involved Parties

In response to ZachXBT's comments, Meow stated: "The key issues now are project allocations, known airdrop distributions, and long-term liquidity adjustments. Over time, we will see how this works." However, no clarification was provided regarding the accusations against Irene.

Irene herself stated: "There have been many false statements about me recently, and I will issue a statement." (As of the publication of this article, there has been no direct response.)