Mark Longo, owner of the internet-famous squirrel Peanut, launched a new token called Justice for Fred and Pnut (JUSTICE) as a response to $PNUT after accusing the crypto community of profiting from the death of Peanut. However, JUSTICE has faced scrutiny due to centralization issues. According to blockchain data firm Bubblemaps, around 80% of the tokens might be controlled by the internal team.
They also found that before the official announcement, multiple addresses had coordinated to hold the token supply. Additionally, the top 45 holders of JUSTICE were all funded within a three-hour window on 11/24/2024. Bubblemaps questioned whether Longo is using JUSTICE for revenge or a cash grab. After this, several crypto enthusiasts criticized Longo’s crypto launch.
The crypto community responded by saying they had donated $50,000 to Longo, only for him to sell it immediately. Longo said the proceeds will go to construction projects at Pnuts Freedom Farm and plans to sue for copyright infringement. JUSTICE is currently trading at $0.06162 with a market cap of $60.39M, while $PNUT is trading at $1.12 with a market cap of $1.12 billion.
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<p>The post Peanut’s Owner Launches $JUSTICE Token Amid Centralization Scrutiny and Controversy first appeared on CoinBuzzFeed.</p>
