As a seasoned researcher with years of experience in the cryptocurrency market and an even longer history of observing human behavior, I find myself deeply troubled by the events surrounding Mark Longo’s JUSTICE meme coin launch. The rapid surge in value, coupled with the alarming concentration of token supply in a few hands, has set off alarms that echo through my professional memory.
Mark Longo’s launch of the JUSTICE meme coin has sparked controversy, as investigations reveal that a small group controls nearly 80% of the supply.
Mark Longo, the proprietor of Peanut squirrel, has recently introduced a new meme coin called JUSTICE. However, this digital currency is under scrutiny due to accusations of insider manipulation. It’s been suggested that organized groups have significant control over the majority of the token’s supply.
On November 26th, analysts from Bubblemaps sounded warnings in a discussion forum, pointing out that there is strong evidence suggesting that the token’s control lies primarily with its insiders. It appears that around 80% of the total supply has been consolidated by organized groups.
1/ Justice is predominantly (approximately 80%) controlled or influenced…
— Bubblemaps (@bubblemaps) November 25, 2024
Longo, who believes the crypto community has capitalized on his late pet’s tale without proper compensation, introduced JUSTICE as a response to the (PNUT) meme coin. This coin was developed based on Peanut’s online popularity and saw an immediate surge in worth, reaching over $1 billion after being listed on Binance.
In reaction to the triumph of PNUT, Longo introduced JUSTICE, which swiftly garnered interest, reaching a market value of $13 million within hours and skyrocketing over 50,000% in price. Nevertheless, analysts have flagged potential issues related to insider manipulation.
On November 24th, several groups of addresses collaborated to accumulate a large portion of the tokens before Longo’s public announcement. Notably, the top 45 holders received their allocations within just three hours. According to Bubblemaps, these funds were supplied either by protocols or centralized exchange hot wallets, which has sparked questions about the token’s degree of decentralization due to this centralized funding source.
“The organization of these wallets suggests a single individual or a small group is in charge. One might wonder if the owner of Peanut is employing JUSTICE for revenge purposes or simply to amass wealth. Given the potential risks involved, it seems prudent not to overlook this situation.
Bubblemaps
The rapid rise of JUSTICE has raised concerns about its legitimacy and the risks for investors, especially with so much of the token controlled by a few addresses. While Longo says the token is meant to take control of his story, the insider involvement raises doubts about its decentralization.
Earlier reports from Crypto.news indicated that, in a since-removed post on platform X, Longo alleged he would take legal action against PNUT token holders due to claims of copyright infringement. He argued they profited off his pet’s legacy without providing him any financial reimbursement for their use.
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2024-11-26 11:52