Peanut squirrel owner’s JUSTICE meme coin raises concerns over insider control

Mark Longo’s launch of the JUSTICE meme coin has sparked controversy as research reveals a small group controls almost 80% of the supply.

JUSTICE, the new meme coin launched by Peanut squirrel owner Mark Longo, is facing allegations of insider manipulation. Reports indicate that coordinated groups control the majority of the token supply.

Analysts at Bubblemaps sounded the alarm in an

1/ $JUSTICE is heavily controlled (~80%) ⚠️

Mark Longo (@Squirrel_Dad12) accused the crypto community of profiting from the death of Peanut the squirrel

He started a memecoin in response: JUSTICE

Let’s break it down 🧵 ↓ pic.twitter.com/6WTBHUHs1y

— Bubble Maps (@bubblemaps) 25 November 2024

Accusing the crypto community of profiting from the story of his deceased pet, Longo started JUSTICE as a protest against Peanut’s (PNUT) meme coin, which was inspired by its internet fame and whose valuation suddenly rose to over $1 billion after Binance. listing.

In response to the success of PNUT, Longo launched JUSTICE, which quickly gained attention, with its price increasing by over 50,000% in a matter of hours, reaching a market cap of $13 million. But analysts noted troubling signs of insider control.

Bubblemaps says multiple groups of addresses were coordinated to pool the token supply before Longo’s public launch, and the top 45 token holders were “funded within a three-hour window” on November 24. Funds for these holders were coming from protocols or centralized exchange hot wallets, raising concerns about the decentralization of the token.

“This appears to be coordinated, with strong indications that an individual or small group controls these wallets. Is Peanut’s owner using JUSTICE as a revenge plan or as a money grab? “The risks here are too great to ignore.”

bubble maps

JUSTICE’s rapid rise has raised concerns about its legitimacy and risks for investors, especially since the majority of the token is controlled by a few addresses. While Longo says he needs to take control of the token’s story, the insider’s involvement raises questions about the token’s decentralization.

As Crypto.news previously reported, in a now-deleted post on X, Longo threatened to sue the owners of PNUT for copyright infringement, claiming they were using his pet’s inheritance for financial gain without offering him compensation.