Crypto exchange Binance was hit with a cease and desist letter from internet sensation Peanut the Squirrel owner Mark Longo for alleged copyright infringement. PNUT, the popular mushroom-inspired memecoin, saw a nearly 10% drop following the news.
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Internet Squirrel Memecoin becomes a sensation
On Sunday, Mark Longo, the owner of Peanut the Squirrel, announced that his legal team had begun legal action against crypto exchange Binance. In an X post, Longo, also known as “Peanuts Dad,” accused her of using his intellectual property without permission.
The rescued squirrel became an internet sensation after Longo’s video became online ViralAmassing over half a million followers on Instagram. However, Peanut was seized from Longo’s home, along with a rescued raccoon named Fred.
Both animals were euthanized to be tested for rabies, as there are no approved antemortem rabies testing methods for animals by the Centers for Disease Control and Prevention. After the news, the public Condemned Peanut’s death, several MPs criticized the authorities’ actions.
It also sparked a wave of peanut-inspired memecoins, which resulted in the creation of the Solana-based memecoin PNUT. Amid the controversy, the token quickly rose in popularity, hitting a $120 million market capitalization in less than a week.
Binance announced the listing of Memecoin on November 11, launching spot trading on the same day. Following the news, the price of PNUT went on a massive rally, climbing into the top 10 memecoins by market cap.
The token achieved $1 billion milestone In less than a month, it reached a $2.27 billion market cap before retracing. For the past month, PNUT has topped the $1 billion mark, with the price hovering between the $1.80-$1.00 price range.
Crypto exchange hit with stop and stop letter
According to the letter shared by the animal rights activist, Binance allegedly infringed “intellectual property rights owned by Mr. Longo.” His legal team argued that the exchange’s use of a copyrighted photo of Peanut the Squirrel wearing a cowboy hat and the “similar” trademark of “Peanut the Squirrel and Peanut” in the listed MemeCoin infringed on their client’s “different copyrights and trademarks. ” violates
It is demanded in the letter that binance Respond to the letter by December 31St2024, to confirm that the Exchange received the letter and that “all infringing activities have ceased.” Additionally, Longo revealed in his post that this was the first of several cease and desist letters to be issued.
PNUT suffered a 10.2% decline following the news, falling from the $1.17 level to the $1.05 support in 24 hours. The retracement sent the token near its lowest levels in more than a month, leaving investors concerned about Memecoin’s performance.
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It’s worth noting that Longo has previously expressed his displeasure with the PNUT memecoin, accusing the crypto community of profiting from his late pet. In protest, animal rights activists launched a memecoin called Justice for Punt and Fred (Justice), which faced controversy over insider trading. blame.
Longo also promoted another memecoin, Justice for Peanut (JFP), in his warning post, which saw a 159% rise after publication before losing all of its recent gains. At the time of writing, PNUT is trading at $1.10, down 5.1% in the daily timeframe.
Featured image from Unsplash.com, Chart from TradingView.com
