Peanut the Squirrel’s Owner Files Lawsuit Against Binance for IP Violation
Mark Longo, owner of Peanut the Squirrel, has filed a lawsuit against Binance for allegedly violating his intellectual property rights by using images and stories of Peanut without consent. Longo aims to protect his creations and plans additional cease-and-desist letters.
The value of Peanut the Squirrel (PNUT) token has remained stable despite the lawsuit. Longo is now promoting a new cryptocurrency, Justice for Peanut (JFP), claiming it as the "only real PNUT coin." Initially gaining attention, its value has since declined, leading to criticism from the crypto community. Critics accuse Longo of leveraging this controversy for personal profit, citing his history of launching multiple tokens and allegedly earning millions while contributing to market instability.
Peanut's story gained national media coverage during the U.S. presidential election when New York’s Department of Environmental Conservation confiscated Peanut, resulting in the animal's death in custody. This incident sparked public outrage and support from figures like Elon Musk, leading to the creation of Peanut-themed meme coins, with PNUT achieving significant market recognition and a listing on Binance.
PNUT's rapid rise exemplifies the trend of meme coins achieving quick market milestones, contrasting with established tokens like Dogecoin (DOGE) that took longer to reach similar valuations. This underscores the evolving dynamics of the cryptocurrency market, where meme coins associated with viral narratives can attract considerable investment.
Longo's legal actions and meme coin initiatives have sparked debate within the crypto community. While some view his efforts as an intellectual property defense, others question his motives. This situation reflects the risks and speculative nature of meme coins, which continue to be a focal point in cryptocurrency discussions. The unfolding controversies around Peanut and Longo highlight the unpredictable landscape of crypto trends.