Mark Longo, the owner of internet celebrity Peanut the Squirrel, has taken legal action against global crypto exchange Binance.
He alleges that the company infringed on his intellectual property rights by using images and narratives of Peanut without permission.
Peanut the Squirrel (PNUT) Price Unmoved Despite Legal Action
Longo claims this unauthorized use infringes on his rights and also dilutes the originality of his creative work.
“My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals. This is the first of multiple cease and desist letters to be issued. I am committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated,” Longo declared on his X account, Squirrel_Dad.
Despite the legal battle, the market reaction has been relatively subdued. Peanut the Squirrel (PNUT) token has only slightly decreased in value, down by 2.10% in the past 24 hours, currently trading at $1.12.
Peanut the Squirrel (PNUT) Price Performance. Source: BeInCrypto
The legal dispute has added fuel to the already contentious ecosystem of Peanut-related meme coins. Longo has started promoting his newly launched Justice for Peanut (JFP) token, positioning it as the “only real PNUT coin.” Despite an initial market cap surge to $116 million earlier this month, JFP has seen its valuation drop by over 95%, currently standing at $3 million.
This lawsuit and Longo’s subsequent meme coin launches have sparked controversy. On social media platforms like X, community members have expressed skepticism about Longo’s motives, accusing him of exploiting the situation for profit.
“You rugged 5 separate contracts and made millions of dollars already, and we have all the proof. Everyone knows you’re a scamming value extractor,” one user remarked.
Peanut the Squirrel became one of the biggest debated topics during the US Presidential election due to a troubling incident involving Longo and New York’s Department of Environmental Conservation (NYS DEC). In late October, the agency confiscated Peanut and a raccoon from Longo’s care. Sadly, it was later disclosed that Peanut died while in custody, leading to a public outcry supported by notable figures like Elon Musk.
Subsequently, the crypto community launched many meme coins around the squirrel. PNUT, in particular, achieved a Binance listing on November 11, giving it more relevance in the market.
The controversy surrounding Peanut the Squirrel also mirrors larger trends in the cryptocurrency market, particularly among meme coins. PNUT astonishingly reached a $1 billion market cap in just 11 days since its launch. For comparison, it took Dogecoin (DOGE) 1,487 days to reach the same financial milestone.
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