TLDR
Mark Longo’s pet memorial token (JUSTICE) crashed 99% after launch, with market cap falling to $375,960
Longo criticized others for profiting from his pets’ story before launching his own token
A second token (JFP) was launched December 6th, which also dropped 67%
The story gained political attention with VP-elect Vance and Elon Musk commenting
The original incident involved NY State officers euthanizing Longo’s pets for alleged wildlife violations
The cryptocurrency market witnessed a notable downturn in December as two memorial tokens launched by Mark Longo, owner of the euthanized pets Peanut and Fred, experienced steep price declines within weeks of their release.
The initial token, Justice for Pnut and Fred (JUSTICE), launched on November 26 through the Solana-based platform Pump.fun, has seen its value drop by more than 99%. Current trading data shows the token price at $0.0003834, with a market capitalization that has fallen to $375,960.
Despite the price collapse, the token maintains over 31,000 holders, according to data from GeckoTerminal. This holder count suggests initial strong interest in the project, though it failed to sustain its early momentum.
The launch came with its share of controversy. Before creating the token, Longo had publicly criticized crypto traders for what he called “despicable” attempts to profit from his personal tragedy through the creation of the meme coin Peanut (PNUT).
Members of the PNUT community responded by pointing to approximately $50,000 in donations made to Longo, which they claim he quickly converted to other currencies. These allegations added to the growing tensions surrounding the project.
The story took another turn on December 6, when the account associated with Longo announced a new contract address. This announcement effectively marked the launch of a second token, JUSTICE FOR PEANUT (JFP), just days after the first token’s decline.
Shoutout to the 4 news publications covering this story, Mark is extremely proud to be wearing $JFP in all photos. Because this is more than just a coin this is a movement. Despite all the bad actors, $JFP is here to stay.
No Dev
No bundle
Pumpfun CTO
Real Owner of PNUT
— Justice (@JusticePnutFred) December 6, 2024
The new JFP token has not fared better in the market, showing a 67% decrease in value since its creation. This parallel decline raises questions about the viability of memorial-based cryptocurrency projects.
The underlying events that sparked these token launches trace back to October 30, when New York State environmental officers conducted a raid on Longo’s Pine City animal sanctuary. The officers cited violations of wildlife protection laws as the basis for their actions.
During this raid, Peanut, a squirrel who had gained over 500,000 social media followers, was euthanized along with Fred, a raccoon. Officials stated the euthanization occurred after one of the animals allegedly bit someone during the seizure operation.
The incident caught the attention of high-profile figures, including Vice President-elect JD Vance, who mentioned at a North Carolina rally that Donald Trump was “fired up” about the euthanization. Elon Musk’s comments on the situation led to increased trading activity in various related meme coins.
Both tokens were launched through Pump.fun, a platform that has changed the landscape of meme coin creation. The platform allows users to create tokens for just 0.02 SOL (approximately $4.8), removing many traditional barriers to entry in the cryptocurrency market.
Pump.fun’s system includes an automatic price adjustment mechanism based on market activity. While this feature aims to provide market efficiency, it can also lead to increased price volatility in trending tokens.
The platform’s accessibility has led to massive adoption, with over 3.85 million token launches recorded since January 2024. However, this ease of use has also raised concerns about market stability and token quality.
Recent developments show growing regulatory attention to these platforms. On December 6, Pump.fun banned UK users following warnings from British financial regulators, adding another layer of complexity to the platform’s operations.
The account “JusticePnutFred” maintains verification status on the X platform as an official organization, though attempts by Decrypt to confirm this status with X have not received a response. The account has claimed to have submitted listing requests to major cryptocurrency tracking sites CoinMarketCap and CoinGecko.
On December 6, the account thanked “4 news publications” for covering the story of Mark Longo and the JFP launch, though the specific publications referenced remain unclear. Longo has not responded to requests for comment regarding the performance of either token.
The platform recently removed its live-streaming feature after reports emerged about inappropriate content, including self-harm and abuse, leading to community protests. This action preceded the UK user ban, suggesting increasing scrutiny of the platform’s operations.
The post JUSTICE Token ($JFP) Faces Market Challenges After High-Profile Launch appeared first on Blockonomi.