Peanut The Squirrel: Owner Creates $JUSTICE, Sues PNUT

Peanut the Squirrel owner Mark Longo threatens to file a copyright lawsuit against the PNUT meme coin despite receiving donations from the project. Longo also launched his own token, $JUSTICE, which surged nearly 50% today. 

The Solana meme coin PNUT was created earlier in November based on the tragic story of Peanut the Squirrel, a popular pet belonging to social media influencer Mark Longo. The New York State Department of Environmental Conservation seized and euthanized Peanut earlier this month, leading to social media outrage against the agency.

The PNUT meme coin was born out of this viral story, and it surged in popularity across the crypto community. PNUT launched on DEXs at a price of around one cent and surged over 3,000% to reach $2.44. It even received a listing in major centralized exchanges such as Binance, Bybit, OKX, and more. At the time of writing, PNUT had a market cap of just over $1billion.

However, the story took a drastic turn this week after Mark Longo decided to file a lawsuit against the meme coin and launch his own token called JUSTICE. Here’s the story so far:

What happened to Peanut the Squirrel?

Mark Longo reduced Peanut the Squirrel nearly seven years ago after the squirrel was injured in an accident. Since then, the squirrel had been living with Longo at his New York apartment. Longo also managed several social media accounts documenting the pet every day, which gained massive popularity.

However, the state’s Environmental Conservation agency raided Longo’s apartment in November and seized his pets, citing public complaints. Peanut the Squirrel was then euthanized to test for rabies. The incident led to a social media outcry, and even Elon Musk posted a tweet about it.

Shortly after, anonymous developers launched the Solana meme coin PNUT, which exploded overnight due to the popularity of this story.

Apparently, Mark Longo was not associated with this token to any extent, and he’s now suing the project for copyright infringement. Longo even blamed the crypto community for making profits off his tragedy. Longo even called the token “dispicable”.

Despite his claims, the PNUT community has not taken likely to Longo’s comments. There are reports that the community donated $50,000 USDT to Longo from its profits. However, he refused to acknowledge the donation and liquidated the funds immediately to launch his own token – JUSTICE.

Mark Longo’s JUSTICE token

The saga became more complicated after reports emerged about the JUSTICE token being ‘heavily controlled’ by a small group of investors. Approximately 80% of the $JUSTICE token supply is held by a few addresses, suggesting significant centralization.

The top 45 holders received funds within a narrow three-hour window on 24 November 2024, with sources tracing back to protocols or centralized exchange hot wallets.

These patterns imply potential coordination among a limited number of entities, raising concerns about the token’s decentralization and the possibility of market manipulation. Investors should exercise caution, as such concentration can lead to increased volatility and susceptibility to orchestrated price movements.

Despite these concerns, JUSTICE surged over 50% since its launch on 27 November. At the same time, PNUT saw heavy liquidations, dropping the token’s value by 23% since last week.

It looks like Mark Longo will continue to fight the popular meme coin with his own alternative, and it could lead to a potential legal battle.

However, PNUT continues to rally interest from the meme coin community. Recent reports also suggest that the token might soon become listed on Coinbase, the largest crypto exchange in the US.

1. 01.

   Who is Peanut The Squirrel?

   

   Peanut was the pet squirrel of Mark Longo, whose death after being euthanized by state authorities sparked widespread public outrage and led to the creation of meme coins in its memory.

2. 02.

   What is the PNUT meme coin?

   

   PNUT is a cryptocurrency launched to honor Peanut, achieving viral popularity and a $1billion market cap, though it faced criticism for allegedly profiting off a personal tragedy without Mark Longo’s consent.

3. 03.

   What are Solana meme coins?

   

   Solana meme coins are fun, community-driven cryptocurrencies launched on the Solana blockchain, often tied to internet culture or trends, similar to Dogecoin but with faster transactions and lower fees.