Mark Longo, the owner of Peanut the Squirrel, has filed a lawsuit against Binance, accusing the crypto exchange of violating his intellectual property rights. Longo claims that Binance used images and stories of Peanut without his consent, undermining the originality of his work. The legal action, according to Longo, is part of a broader effort to protect his creations, with additional cease-and-desist letters planned.
Despite the lawsuit, the value of Peanut the Squirrel (PNUT) token has shown little change, reflecting minimal market impact. Longo, meanwhile, has shifted his focus to promoting a new cryptocurrency, Justice for Peanut (JFP), branding it as the "only real PNUT coin." While the token initially gained significant attention, its value has since plummeted. This move has drawn criticism from the crypto community, with some accusing Longo of using the controversy for personal profit. Critics argue that Longo has launched multiple tokens in the past, allegedly earning millions, while contributing to instability in the market.
Peanut the Squirrel’s story gained national attention during the U.S. presidential election when New York’s Department of Environmental Conservation (NYS DEC) confiscated Peanut and another animal from Longo. Tragically, Peanut died in state custody, sparking outrage and gaining support from public figures, including Elon Musk. The incident triggered a wave of Peanut-themed meme coins, with PNUT becoming one of the most notable, achieving a listing on Binance and significant market recognition.
The rise of PNUT has been part of a broader trend in meme coins, showcasing their ability to achieve rapid market milestones. PNUT reached a milestone market valuation in just days, a feat that took significantly longer for established tokens like Dogecoin (DOGE). This highlights the evolving dynamics of the cryptocurrency market, where meme coins tied to viral stories or public figures can attract substantial attention and investment.
Longo’s legal battle and involvement in meme coin launches have intensified debate within the crypto world. While some see his efforts as a fight for intellectual property, others remain skeptical of his intentions. The situation reflects both the risks and the speculative appeal of meme coins, which continue to dominate discussions in the cryptocurrency market. As controversies around Peanut and Longo’s actions unfold, the story underscores the volatile and unpredictable nature of crypto trends.
