Wherever Elon Musk’s tweets go, all too often goes the next viral crypto/meme coin sensation. This time it’s Senator Karen Coin. $KAREN is up a whopping 2,440% in value in the last 24 hours according to DEXtools.io.
Why The Senator Karen Coin Exists
Time Magazine and FT.com have named Elon Musk the Person of the Year for 2021. The founder of Tesla Motors and SpaceX, and the Dogefather of Dogecoin as anointed by the crypto community, Musk has garnered himself quite the fan base on social media and within the crypto world thanks to all of the publicity he is generating for crypto. Not just for Doge, but for the concept of Bitcoin treasuries, and for his acknowledgement of the long-term value of cryptocurrencies as an asset class in general.
Still, not everyone is a fan of Musk. United States Senator Elizabeth Warren doesn’t seem to like him very much. Warren is a Democrat representing the state of Massachusetts and recently made headlines accusing Musk of “freeloading”, maintaining that the newly minted world’s richest man should be paying more taxes than he is.
Warren specifically calls out Musk in this Tweet posted on Monday:
“Let’s change the rigged tax code so the Person of the Year will pay taxes and stop freeloading off of everyone else.”
Musk responded with a series of tweets kicking off a frenzy on the platform, including this one:
“… And if you open your eyes for two seconds, you would realize I will pay more in taxes than any other American in history this year.”
Musk ended his response by tweeting, “Please don’t call the manager on me, Senator Karen.” Thus, the inspiration behind Senator Karen Coin was born.
Why the Fundamental Ideas Behind Senator Karen Coin Have Merit
The team behind Senator Karen Coin is aiming at members of Congress who appear keen on getting in the way of Web3 innovation and see DeFi and NFTs as a threat to the traditional financial system. As the project’s founders point out, Senator Warren was once quoted as saying “DeFi is the most dangerous part of the crypto world.”
It appears she’s going to be the name and face of an NFT project that aims to hold Congress accountable by immortalizing those opposing DeFi on the blockchain in a permanent way. The world will find out this Friday, Dec 17th at 23:59 UTC when the first NFT for Senator Karen Coin officially mints.
How the Senator Karen Coin Will Fund NFTs
The creators of Senator Karen Coin are ironically imposing a 3% tax on transactions that will go toward scaling, marketing, and developing Senator Karen Coin and any NFTs that immortalize other politicians that oppose the DeFi and NFT movement. Over 6.942 billion $KAREN tokens make up the maximum supply that will ever be available. At the launch of the project on December 14, $KAREN tokens were trading to four decimal places. At the time of this writing, it’s trading to three decimal places, with the current price at $0.0001247. The project reached a $900,000 market cap and saw $6 million worth of trading volume in its first 15 hours on the blockchain.
The whole goal is to put public servants on blast, and allow the crypto community to thrive in a whole new way. The project has the potential not only to benefit users who hold onto the NFTs, it has a greater social cause and also embeds itself in a trendy spat that deals with an ongoing dilemma democratic societies have been dealing with for ages. Figuring out how to effectively tax and reward the rich.
But of course, the average crypto enthusiast isn’t worried about that. Senator Karen Coin isn’t going after Elon Musk, after all. It is simply letting public servants know that DeFi is meant to be a liberating force for the individual, and that it is not ultimately a threat to capitalism, even though it clearly is disrupting the traditional financial institutions that run America and the rest of the world.
Watch out for Senator Karen Coin. Its coming for Senator Elizabeth Warren and anyone else that wants to challenge the true value of DeFi and NFT innovation. Whether Elon Musk pays taxes or not.