Mark Longo’s launch of the JUSTICE meme coin has sparked controversy, as investigations reveal that a small group controls nearly 80% of the supply.
JUSTICE, the new meme coin launched by Peanut squirrel’s owner Mark Longo is facing allegations of insider manipulation, with reports indicating that coordinated groups control the majority of the token’s supply.
Analysts at Bubblemaps have raised alarms in an X thread on Nov. 26, noting that the token appears to be heavily controlled by insiders, with nearly 80% of the supply reportedly bundled by coordinated groups.
— Bubblemaps (@bubblemaps) November 25, 20241/ $JUSTICE is heavily controlled (~80%) ⚠️
Mark Longo (@Squirrel_Dad12) accused the crypto community of profiting from the death of his squirrel, Peanut
In response, he launched a memecoin: JUSTICE
Let’s break it down 🧵 ↓ pic.twitter.com/6WTBHUHs1y
Longo, who has accused the crypto community of profiting from his late pet’s story, launched JUSTICE as a protest against the (PNUT) meme coin, which was inspired by Peanut’s internet fame and surged in a moment to over $1 billion in valuation after its Binance listing.
In response to the success of PNUT, Longo launched JUSTICE, which quickly gained attention, reaching a $13 million market cap with its price soaring by over 50,000% in a matter of hours. However, analysts have pointed out troubling signs of insider control.
Multiple address groups coordinated to bundle the token’s supply prior to Longo’s public announcement, with the top 45 holders “were all funded within a three-hour window” on Nov. 24, Bubblemaps says. Funds for these holders came from protocols or centralized exchange hot wallets, raising concerns about the token’s decentralization.
“This looks coordinated, with strong signs that one person or a small group controls these wallets. Is the owner of Peanut using JUSTICE as a revenge plot or a cash grab? The risks here are too big to ignore.”
Bubblemaps
The rapid rise of JUSTICE has raised concerns about its legitimacy and the risks for investors, especially with so much of the token controlled by a few addresses. While Longo says the token is meant to take control of his story, the insider involvement raises doubts about its decentralization.
As crypto.news reported earlier, in a now-deleted post on X, Longo threatened to sue holders of PNUT for copyright infringement, claiming that they had exploited his pet’s legacy for financial gain without offering him compensation.