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PNUT memecoin drops 10% after legal warning

PNUT memecoin drops 10% after legal warning

GrafaGrafa2024/12/17 12:40
By:Isaac Francis

The PNUT (CRYPTO:PNUT) memecoin saw a nearly 10% drop in value following a legal warning issued by Mark Longo, the owner of Peanut the Squirrel, accusing Binance of copyright infringement.

On Sunday, Longo, known as "Peanuts Dad," revealed that his legal team had taken action against Binance for using his intellectual property without permission.

Longo's accusations centered on the use of a copyrighted image of Peanut the Squirrel wearing a cowboy hat and the “identical” trademark “PEANUT THE SQUIRREL and PNUT” in the listing of the memecoin.

Peanut the Squirrel became a viral internet sensation after Longo’s videos gained over half a million followers on Instagram.

However, the squirrel's tragic death, alongside a raccoon named Fred, led to public outrage.

The animals were euthanised for rabies testing, which sparked widespread criticism and controversy.

In the wake of Peanut's death, several memecoins inspired by the squirrel were created, including the Solana-based (CRYPTO:SOL) PNUT.

The token quickly gained popularity, reaching a $120 million market capitalisation in less than a week.

Binance listed the token on November 11, leading to a significant price rally, and PNUT achieved a $2.27 billion market cap before retracing.

Following the legal letter, PNUT's price dipped 10.2%, falling from $1.17 to $1.05 within 24 hours.

The memecoin's value has fluctuated between $1.80 and $1.00 in recent weeks, with the latest dip causing concern among investors.

Longo’s legal team has given Binance until December 31, 2024, to cease all alleged infringing activity.

This action marks the first of several cease and desist letters to be issued, as Longo has expressed frustration with the memecoin’s association with his late pet.

At the time of reporting, the price of Peanut the Squirrel (PNUT) was $1.06.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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