Mark Longo, owner of the now-famous Peanut the Squirrel, has filed a lawsuit against Binance over allegations of unauthorized use of his trademark and image. This dispute emerges during a peak of activity in the meme coin market.
Legal Battle Amidst the Meme Coin Frenzy
The dispute between Longo and Binance arises during a period of increasing interest in meme coins. Longo recently launched the 'Justice for Peanut' (JFP) token, claiming it as the only real PNUT coin. Despite an initial surge, the token's value has plummeted, yet Longo continues to promote it, sparking controversy in the crypto community.
The Rise of Peanut the Squirrel in the Crypto World
Peanut the Squirrel wasn't just a social media sensation but also a catalyst for the creation of various cryptocurrency tokens. The squirrel gained significant fame during the U.S. presidential election amidst a confrontation between Longo and the NYS DEC. Tragically, Peanut died while in their custody, causing public outcry and drawing attention from prominent figures like Elon Musk.
Criticism and Support from the Crypto Community
Some members of the crypto community have expressed skepticism, accusing Longo of exploiting the situation. On social media, users pointed out that Longo has previously profited millions from various crypto projects, suggesting a pattern of market exploitation.
The conflict between Mark Longo and Binance continues to stir discussions both within legal circles and the wider crypto community. The story of Peanut the Squirrel remains a poignant element in the narrative of meme coins. How this case unfolds will inevitably influence future interactions between traditional economy actors and the cryptocurrency world.
