JUSTICE Token Falls 99.7% Since Launch Amid Controversy
The Justice for Pnut and Fred (JUSTICE) token, created to memorialize two euthanized pets, has decreased in value by 99.7% since its launch in late November. This Solana-based meme coin, founded by animal sanctuary owner Mark Longo, is currently priced at $0.0004386.
Initially launched via the Pump.fun meme coin platform, JUSTICE peaked at $0.1643 on November 25. However, significant sell-offs have reduced its market cap to $429,000, despite maintaining a base of 31,560 holders. On-chain data indicates that selling pressure and uncertainty regarding Longo’s intentions have fueled the token's decline.
The controversy began when Longo criticized cryptocurrency traders who profited from his pets’ tragedy through a meme coin called Peanut (PNUT). He later announced the creation of JUSTICE, leading to allegations from the PNUT community that Longo liquidated approximately $50,000 in donations shortly after receiving them.
A New Token, Similar Troubles
On December 6, Longo's official account announced plans to migrate JUSTICE to a new token named JUSTICE FOR PEANUT (JFP). However, JFP has also experienced a 67% decline in value since its launch, losing 30% within the last 24 hours.
The verified X account “JusticePnutFred” stated that the JFP token is seeking listings on platforms like CoinMarketCap and CoinGecko. CoinMarketCap added the token within four hours of the listing application. Nonetheless, skepticism persists among investors regarding the project's legitimacy and direction.
Longo’s initiative to honor his pets with cryptocurrency is complicated by the political attention surrounding their euthanization, which was highlighted by Vice President-elect JD Vance and amplified by Elon Musk's commentary, driving speculative trading in related meme coins.
JUSTICE exemplifies the unpredictable nature of meme coin launches. The Pump.fun platform has facilitated over 3.85 million token launches since January, democratizing token development but also giving rise to controversial projects like JUSTICE.
Another meme token, inspired by Hawk Tuah, recently collapsed by around 97% shortly after launch, with investors reporting insider trading issues.
Despite the challenges faced by JUSTICE, the broader meme coin market has expanded, currently valued at $130 billion, which is more than six times its size from the previous year. Meme coins continue to be a significant presence in the cryptocurrency landscape.