Despite the turmoil surrounding the JUSTICE (Justice for Pnut and Fred) token, the broader meme coin market continues to grow.
The Justice for Pnut and Fred (JUSTICE) token, launched to memorialize two euthanized pets, has seen its value plummet by 99.7% since its debut in late November. The Solana-based meme coin, created by animal sanctuary owner Mark Longo, has drawn criticism and controversy, with its price now at a mere $0.0004386.
Initially launched through the Pump.fun meme coin platform, the JUSTICE token peaked at $0.1643 on November 25. However, a series of dramatic sell-offs have reduced its market cap to just $429,000, despite the token retaining a sizeable base of 31,560 holders. On-chain data suggests that selling pressure and uncertainty surrounding Longo’s intentions have contributed to the token’s rapid decline.
The controversy stems from Longo’s initial criticism of cryptocurrency traders who monetized his pets’ tragedy through a meme coin called Peanut (PNUT). In a public video, Longo expressed disgust at the situation, only to later announce the launch of his own token, JUSTICE. Adding fuel to the fire, PNUT community members alleged that Longo liquidated around $50,000 in donations almost immediately after receiving them.
A New Token, Similar Troubles
The saga took another turn on December 6 when the official account associated with Longo revealed plans to migrate JUSTICE to a new token called JUSTICE FOR PEANUT (JFP). However, the new iteration has also recorded a 67% decline since its launch, shedding 30% of its value within the past 24 hours.
The verified X account “JusticePnutFred” has claimed that the JFP token is now seeking listings on platforms like CoinMarketCap and CoinGecko. Notably, CoinMarketCap added the token within four hours of the priority listing application. Still, skepticism lingers, as investors question the project’s legitimacy and direction.
Longo’s efforts to honor his pets with a cryptocurrency have been further complicated by the larger narrative surrounding their euthanization. The story gained political traction after Vice President-elect JD Vance highlighted it at a rally, and Elon Musk’s commentary amplified attention, driving speculative trading in related meme coins.
JUSTICE’s story is emblematic of the rapid and often unpredictable nature of meme coin launches. Pump.fun, the Solana-based platform behind JUSTICE, has enabled over 3.85 million tokens to launch since January. While this accessibility has democratized token development, it has also given rise to controversial projects like JUSTICE.
Recently, another popular meme Hawk Tuah-inspired meme token HAWK also collapsed around 97% from the top, soon after the launch. Investors have been complaining about insider trading activity for this meme coin.
Despite the turmoil surrounding JUSTICE, the broader meme coin market continues to grow. With a current market cap of $130 billion – up over six times in the past year – meme coins remain a dominant force in the crypto space.
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