The Article Tells The Story of:
- Token Collapse: Mark Longo’s Justice for Peanut and Fred (JUSTICE) token, launched to honor his euthanized pets, has plummeted over 99% in value since its launch.
- Controversies: Longo faced criticism for allegedly liquidating donations and launched a new token, $JFP, which also lost 67% of its value within days.
- Origins and Backlash: The movement began after the euthanasia of Longo’s pets during a wildlife protection raid, sparking political attention and meme coin trading activity.
- Platform Scrutiny: Pump.fun, the token launchpad, has facilitated millions of token creations but faces criticism for volatility and regulatory bans, including restricting UK users.
Justice Token’s Decline
Mark Longo’s Justice for Peanut and Fred (JUSTICE) token, launched on November 26, 2024, has seen a catastrophic drop of over 99% in value. Initially intended to honor Longo’s euthanized pets, Peanut the squirrel and Fred the raccoon, the token now trades at $0.0003834. Its market cap has fallen to $375,960, despite retaining over 31,000 holders, according to GeckoTerminal data.
The token launch came after Longo criticized crypto traders for allegedly profiting from his personal tragedy through the popular meme coin Peanut (PNUT). PNUT, based on the social media sensation Peanut the squirrel, gained significant attention earlier this year.
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Controversy and Community Reactions
Criticism arose shortly after the token’s launch, with community members accusing Longo of liquidating $50,000 in donations meant for the cause. These accusations fueled skepticism about the motives behind the token.
On December 6, Longo announced a new token contract under the ticker $JFP (Justice for Peanut and Fred). However, this new token also experienced a steep decline, losing 67% of its value within days of its introduction.
Longo has not commented on the token’s performance or addressed the controversies directly. His verified account on X (formerly Twitter) hinted at listing applications for $JFP on platforms like CoinMarketCap and CoinGecko, though no confirmations have been made.
Origins of the Justice Token Movement
The story of Peanut and Fred began when New York State environmental officers raided Longo’s animal sanctuary on October 30, citing wildlife protection violations. Both animals were euthanized during the raid, sparking public outrage and political attention. Vice President-elect JD Vance highlighted the case at a rally, and Elon Musk’s comments on social media further fueled trading activity in associated meme coins.
The launch of the JUSTICE token reflects a broader trend of meme coin projects emerging on platforms like Solana-based Pump.fun. This platform enables easy token creation for as little as 0.02 SOL (approximately $4.80). However, the low barriers to entry also make these projects prone to extreme volatility and controversy.
Pump.fun and Its Role in Meme Coin Trends
Pump.fun, the platform used for JUSTICE’s launch, has become a hub for meme coin projects. Its user-friendly system allows creators to launch tokens with minimal technical expertise. Since January 2024, over 3.85 million tokens have been created on the platform.
Despite its popularity, Pump.fun has faced criticism and regulatory scrutiny. On December 6, the platform banned UK users following warnings from financial regulators. This move highlights the growing regulatory challenges facing the crypto industry, especially platforms facilitating high-risk investments.
Future of Justice Tokens
The collapse of both JUSTICE and JFP tokens raises questions about the sustainability and ethics of such projects. While the intention to honor Peanut and Fred resonated with some, the controversies and accusations surrounding Longo have overshadowed the initiative. Whether the token can regain value or credibility remains uncertain.
Meme coin trends often reflect market hype, and the rapid rise and fall of JUSTICE serves as a cautionary tale for investors.
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