Mark Longo, known as the "Squirrel Dad," has filed a lawsuit against Binance, accusing them of unauthorized use of Peanut the Squirrel's images and narratives.
Essence of Mark Longo's Lawsuit
Mark Longo, known as the owner of Peanut the Squirrel, has initiated legal proceedings against Binance for allegedly using images and narratives associated with his squirrel without permission. Longo asserts that the images and stories are his intellectual property, protected under U.S. copyright law. On X, he stated: "This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated."
Backstory of Peanut the Squirrel
Peanut the Squirrel garnered widespread attention during the U.S. presidential election due to an incident involving Longo and the New York State Department of Environmental Conservation (NYS DEC). In October 2023, the agency seized Peanut and a raccoon from Longo, during which time Peanut tragically passed away, leading to public outrage and support from figures like Elon Musk. Following her passing, the crypto community launched numerous meme coins, one of which, PNUT, secured a Binance listing on November 11.
Price Movement of PNUT
Over the past 24 hours, the PNUT token has dropped by over 7.70%, trading at $1.06 with a market cap of $1.06 billion. Technical indicators reveal a bearish trend; if it continues, the price might fall to $1. Conversely, if upward pressure increases, the price could reach $1.25.
Mark Longo's legal case against Binance raises important questions about intellectual property rights in the digital age. The effect on PNUT's price and community response will be critical in determining shifts in the cryptocurrency landscape.
