Mark Longo, owner of the internet-famous squirrel Peanut, has created his own token called Justice for Fred and Pnut (JUSTICE) as a response to $PNUT. This occurred after accusations were made regarding the crypto community profiting from Peanut’s death. However, JUSTICE has been scrutinized due to centralization issues, as Bubblemaps, a blockchain data firm, reported that nearly 80% of the tokens are potentially controlled by the internal team.
Before the official announcement, multiple addresses had already acquired a significant portion of the token supply. Bubblemaps also found that the top 45 holders of JUSTICE were funded within a three-hour window, with funds originating from protocols or centralized exchange hot wallets. This has led to speculation that one person or a small group is controlling these wallets.
Concerns have been raised over whether Longo is using JUSTICE as a revenge plot or a cash grab. The crypto community has criticized Longo for immediately selling the $50,000 they donated to him. Longo responded by stating that all proceeds would go towards construction projects at Pnuts Freedom Farm.
He also announced plans to sue for copyright infringement, with the lawsuit set to be presented soon. JUSTICE is currently trading at $0.06162, having increased by 80.7% in the past day, with a market cap of $60.39M. In comparison, $PNUT is trading at $1.12, having dipped by over 16% in the past 24 hours, with a market cap of $1.12 billion.
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<p>The post Squirrel Peanut’s Owner Launches Token, $JUSTICE, Amid Centralization Scrutiny first appeared on CoinBuzzFeed.</p>
