The JUSTICE meme coin launched by Mark Longo has sparked controversy, with investigations showing that a small group of people controls nearly 80% of the supply.
JUSTICE is a new meme coin launched by Mark Longo, the owner of Peanut the squirrel, and is facing accusations of insider manipulation, with reports indicating that coordinating groups control a significant portion of the token's supply.
Analysts from Bubblemaps issued a warning on November 26, noting that the token appeared to be tightly controlled by insiders, with reports indicating that nearly 80% of the supply was bundled by coordinating groups.
Longo accused the cryptocurrency community of profiting from the story of his deceased pet, launching the JUSTICE campaign to protest the birth of a meme coin inspired by Peanut's online fame, which saw its valuation soar above $1 billion after being listed on Binance.
In response to the success of PNUT, Longo launched JUSTICE, which quickly garnered attention with a market cap reaching $13 million and a price surge of over 50,000% within a few hours. However, analysts pointed out disturbing signs of insider control.
Bubblemaps stated that multiple address groups coordinated to bundle the token supply before Longo made a public announcement, with the top 45 holders 'all receiving funds within three hours on November 24.' These holders' funds came from the protocol or centralized exchange hot wallets, raising concerns about the token's decentralization.
"This appears to be well orchestrated, with clear signs that these wallets are controlled by one person or a small group. Is Peanut's owner using JUSTICE for revenge or to make money? The risks here are too great to ignore."
Bubble Map
The rapid rise of JUSTICE has raised concerns about its legitimacy and investor risks, especially considering that so many tokens are controlled by a few addresses. While Longo states that the token is intended to control his story, the involvement of insiders has raised doubts about its level of decentralization.
As previously reported by crypto.news, in a now-deleted post on X, Longo threatened to sue PNUT holders for copyright infringement, claiming they were profiting from his pet's legacy without providing him compensation.
