Peanut Pet Owner's Token Collapses Two Weeks After Launch
The launch came after Longo criticized crypto traders for allegedly monetizing his personal tragedy through the popular meme coin Peanut.
A token created by Mark Longo to honor his euthanized pets has plummeted over 99% since its November 26 launch, with on-chain data revealing significant selling pressure as controversy grows over the project's inception.
The Justice for Pnut and Fred (JUSTICE) token, launched through Solana-based meme coin platform Pump.fun, is now trading at $0.0003834, marking a dramatic decline from its initial trading levels.
The project's market capitalization has contracted to $375,960 despite maintaining over 31,000 holders, according to data from GeckoTerminal.
Longo did not immediately respond to Decrypt’s request for comment regarding the token's performance.
The launch came after Longo publicly criticized crypto traders for allegedly monetizing his personal tragedy through the popular meme coin Peanut (PNUT).
"The fact that people wanna make money off this is nothing short of despicable," Longo stated in a Twitter video before pivoting to launch the token.
At the time, PNUT community members pointed to approximately $50,000 in donations made to Longo, which they claim he immediately liquidated.
By Friday, December 6, the account associated with Longo posted on X about a new contract address, implying that the initial $JUSTICE token was shifting to a new one. Some seven minutes after the post, the account posted the new contract address with a new ticker: $JFP.
Upon examination, Decrypt found that the JUSTICE FOR PEANUT (JFP) token suffered roughly the same fate as its predecessor. The new JFP token is down 67% since its creation on December 6.
For context, the "JusticePnutFred" account is verified on the X platform as an official organization. Decrypt has reached out to X for confirmation.
