Crypto of the Week: JRR Token (JRR)

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August 13 2021
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Is this the one cryptocurrency to rule them all?

The JRR Token is the latest cryptocurrency to court controversy and headlines, but is it worth your money? Here’s everything you need to know about the JRR Token before you put your money on it.

What is the JRR Token (JRR)?

The JRR Token is a tradable token on the Binance Smart Chain that’s themed around JRR Tolkien’s Lord of the Rings.

“One token that rules them all. One token you don’t mine them. One token to hold for all. And in marketing bind them,” the promo video for the token said.

Who made the JRR Token?

The website and whitepaper for the JRR Token are extremely vague about its origins and light on technical details about how the token actually works

According to the whitepaper for the token, “The heart of the JRR Token is the Tokenite community. This community is focused on positive inclusivity for all tokenites. The development team is and will always be accessible and fully transparent to all members of the JRR Token family.”

Despite this, the JRR Token does not appear to have been created with the permission or even support of the Tolkien Estate at this stage.

Billy Boyd, who played the character Pippin in Peter Jackson’s Lord of the Rings films, uploaded a short clip to Twitter promoting the cryptocurrency. However, this video was quickly shut down following a negative response from Tolkien fans and followers.

It is unclear whether Mr Boyd is formally involved with the JRR Token or whether he just took part in a promotion for the project.

If you’re used to the lavish biographies that lace the websites of popular coins like Telcoin and Neo, the above could easily be seen as a red flag.

It’s not very clear how big the project is or who is involved with it, which is not typically what investors are looking for – even in the wild west of cryptocurrencies and DeFi tokens.

What’s the difference between crypto tokens and crypto coins?

The JRR Token is a token on a blockchain as opposed to a coin. This means that it doesn’t have its own blockchain, and you can’t mine it. Instead, JRR has been minted, exists and is primarily traded via the Binance Smart Chain blockchain and decentralised finance platforms like PancakeSwap.

What is the JRR token used for?

The so-called ‘tokenomics’ of the JRR Token are fairly similar to other DeFi tokens like Shiba Inu.

JRR Token holders earn yield via a share of the transaction fees made using the token. The more JRR Token you have, the greater your return.

Of course, like many similar tokens, the fundamental driver here is interest. If people stop buying and selling the JRR token, investors won’t really make anything through holding.

According to the website, a secondary share of the transaction fees generated by the token will also go towards marketing costs and a “worthy” charity.

How much is the JRR Token (JRR) worth?

As of 12 August 2021, JRR is priced at US$0.00000004119 per unit.

Tallied up at that price, JRR has an undiluted market cap of approximately US$780,000.

For comparison, bitcoin (BTC) currently has a market cap of around US$750 billion, while ether (ETH) sits in second place at US$260 billion.

When it comes to value and capital growth, the JRR Token is more of a penny stock than a blue chip. It’s extremely low in price and extremely high in risk.

Where can you buy the JRR Token (JRR)?

The JRR Token isn’t available through mainstream spot exchanges like Binance and Coinbase. If you want to hold the coin, you’ll have to do so via decentralised finance outfits like PancakeSwap.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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