As an analyst with a background in both law and meme culture, I must say this situation between Mark Longo, the Squirrel Dad, and Binance is quite intriguing. It seems Mr. Longo has seen his fair share of battles, from the political arena to the courts, and now he’s taking on a crypto giant.
Mark Longo, who previously owned the late-Peanut the Squirrel – a well-known social media pet sensation – has initiated a lawsuit against Binance, a worldwide cryptocurrency exchange, for allegedly using Peanut’s images and narratives without proper authorization.
Longo asserts that Binance’s unauthorized usage of his intellectual property (IP) violates his rights and undermines the authenticity of his creative output. On his X account, Squirrel_Dad, he declared, “I have set my legal team in motion to take action against Binance for misappropriating my IP.
Longo additionally stated, “This marks the start of several ‘cease and desist’ notices. I remain dedicated to preserving the integrity of my creative output.” However, the market reaction thus far has been rather subdued amidst the ongoing legal dispute.
Peanut the Squirrel (PNUT) token has dropped only 0.85% in value over the past 24 hours, trading at $1.12. Longo has also launched a new token, Justice for Peanut (JFP), claiming it is the “only real PNUT coin.”
In my analysis, I’ve observed a staggering drop in the value of JFP, plummeting by more than 95% from its initial market capitalization of $116 million to a current figure of merely $3 million. This drastic fall has ignited debate, with certain critics suggesting that Longo may be leveraging this situation for personal financial gain.
During the U.S. Presidential race, Peanut the Squirrel garnered significant public interest, particularly following a sad event where Peanut perished while in the care of the New York Department of Environmental Conservation after being seized from Longo.
Due to the rising fame of meme cryptocurrencies, Peanut has remained prominent and even secured a place on Binance for trading.
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2024-12-16 11:32