Peanut the Squirrel Token Sparks Controversy After Owner Launches Justice Coin

The rise of memecoins has led to the creation of tokens inspired by viral internet moments, and one of the most notable examples is the Peanut the Squirrel token (PNUT).

This cryptocurrency was born from the tragic story of Peanut, a pet squirrel euthanized by New York’s Department of Environmental Conservation over concerns about rabies. The loss of Peanut, and the subsequent public outcry, was deeply felt by the pet’s owner, Mark Longo, and his large following on social media. The situation took a surprising turn when someone created the PNUT token, which quickly gained traction and saw its value soar, especially after Elon Musk showed his support for the meme.

However, the situation became controversial when Longo expressed frustration over the memecoin’s success, particularly because he felt it profited from his personal grief. This led him to threaten legal action against those who had created or were holding the PNUT tokens, claiming copyright infringement.

In a twist, the PNUT community attempted to make amends by donating $50,000 to Longo’s animal sanctuary, P’Nuts Freedom Farm, which he had founded in memory of Peanut. Despite this gesture, Longo distanced himself from the community, citing his dissatisfaction with how the situation had unfolded.

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His actions further intensified when he launched a new token called JUSTICE, which some believe was funded using proceeds from the PNUT donations. The JUSTICE token surged by nearly 50,000% on its first day but has since seen a significant decline in value.

The fallout from the Peanut the Squirrel controversy has left the PNUT token in a downtrend, with its market cap and trading volume dropping significantly. While some supporters continue to rally behind Longo, others are critical of his handling of the situation, especially after he accepted the donation while rejecting involvement in the memecoin community.

Meanwhile, insiders have raised concerns about potential manipulation of the JUSTICE token, with reports suggesting that a coordinated group controls the majority of its supply.

Alexander Stefanov