Mark Longo’s launch of the JUSTICE meme coin has sparked controversy, as investigations reveal {that a} small group controls almost 80% of the availability.
JUSTICE, the brand new meme coin launched by Peanut squirrel’s proprietor Mark Longo is dealing with allegations of insider manipulation, with experiences indicating that coordinated teams management nearly all of the token’s provide.
Analysts at Bubblemaps have raised alarms in an X thread on Nov. 26, noting that the token seems to be closely managed by insiders, with almost 80% of the availability reportedly bundled by coordinated teams.
https://twitter.com/bubblemaps/standing/1861098411749220693
Longo, who has accused the crypto neighborhood of taking advantage of his late pet’s story, launched JUSTICE as a protest in opposition to the (PNUT) meme coin, which was impressed by Peanut’s web fame and surged in a second to over $1 billion in valuation after its Binance itemizing.
In response to the success of PNUT, Longo launched JUSTICE, which shortly gained consideration, reaching a $13 million market cap with its worth hovering by over 50,000% in a matter of hours. Nevertheless, analysts have identified troubling indicators of insider management.
A number of handle teams coordinated to bundle the token’s provide previous to Longo’s public announcement, with the highest 45 holders “had been all funded inside a three-hour window” on Nov. 24, Bubblemaps says. Funds for these holders got here from protocols or centralized trade scorching wallets, elevating considerations in regards to the token’s decentralization.
“This appears to be like coordinated, with robust indicators that one individual or a small group controls these wallets. Is the proprietor of Peanut utilizing JUSTICE as a revenge plot or a money seize? The dangers listed here are too massive to disregard.”
Bubblemaps
The fast rise of JUSTICE has raised considerations about its legitimacy and the dangers for traders, particularly with a lot of the token managed by a couple of addresses. Whereas Longo says the token is supposed to take management of his story, the insider involvement raises doubts about its decentralization.
As crypto.information reported earlier, in a now-deleted put up on X, Longo threatened to sue holders of PNUT for copyright infringement, claiming that that they had exploited his pet’s legacy for monetary acquire with out providing him compensation.
