{"id":663228,"date":"2024-12-17T07:00:47","date_gmt":"2024-12-17T07:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=663228"},"modified":"2024-12-16T20:05:53","modified_gmt":"2024-12-16T20:05:53","slug":"pnut-memecoin-drops-10-following-peanuts-owner-legal-warning-to-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/pnut-memecoin-drops-10-following-peanuts-owner-legal-warning-to-binance\/","title":{"rendered":"PNUT Memecoin Drops 10% Following Peanut\u2019s Owner Legal Warning To Binance"},"content":{"rendered":"

Crypto exchange Binance was hit with a cease and desist letter by Mark Longo, owner of the internet sensation Peanut the Squirrel, for alleged copyright infringement. PNUT, the popular memecoin inspired by the squirrel, saw a nearly 10% decrease following the news.<\/p>\n

Related Reading: Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum?<\/a><\/div>\n

Internet Squirrel Becomes Memecoin Sensation<\/h2>\n

On Sunday, Mark Longo, owner of Peanut the Squirrel, announced that his legal team had initiated legal action against crypto exchange Binance. In an X post, Longo, also known as \u201cPeanuts Dad,\u201d accused the exchange of using his intellectual property without authorization.<\/p>\n

\"memecoin\"
Longo sends legal warning to crypto exchanges. Source: Mark Longo on X<\/a><\/figcaption><\/figure>\n

The rescued squirrel became an internet sensation after Longo\u2019s online videos became viral<\/a>, amassing over half a million followers on Instagram. However, Peanut was seized from Longo\u2019s home alongside a rescued raccoon named Fred.<\/p>\n

Both animals were euthanized to be tested for rabies, as there are not any approved antemortem rabies testing methods for animals by the Centers for Disease Control and Prevention. Following the news, the public condemned<\/a> Peanut\u2019s death, with several lawmakers criticizing authorities\u2019 actions.<\/p>\n

It also sparked a wave of Peanut-inspired memecoins, which resulted in the creation of Solana-based memecoin PNUT. Amid the controversy, the token quickly grew in popularity, hitting a $120 million market capitalization in less than a week.<\/p>\n

Binance announced the listing of the memecoin on November 11, opening spot trading that same day. After the news, PNUT\u2019s price went on a massive rally, climbing to the top 10 memecoins by market cap.<\/p>\n

The token achieved the $1 billion milestone<\/a> in less than a month, reaching a $2.27 billion market cap before retracing. For the past month, PNUT has held above the $1 billion mark, with the price hovering between the $1.80-$1.00 price range.<\/p>\n

Crypto Exchanges Hit With Cease And Desist Letter<\/h2>\n

According to the letter shared by the animal rights activist, Binance allegedly infringed \u201cthe intellectual property rights owned by Mr. Longo.\u201d His legal team argues that the exchange\u2019s use of the copyrighted photograph of Peanut the Squirrel wearing a cowboy hat and the \u201cidentical\u201d trademark of \u201cPEANUT THE SQUIRREL and PNUT\u201d in the listed memecoin infringes their client\u2019s \u201cvarious copyrights and trademarks.\u201d<\/p>\n

The letter demanded that Binance<\/a> respond to the letter by December 31st<\/sup>, 2024, to verify the exchange received the letter and \u201chave ceased all infringing activity.\u201d Moreover, Longo revealed in his post that this was the first of multiple cease and desist letters to be issued.<\/p>\n

PNUT faced a 10.2% dip after the news, falling from the $1.17 level to the $1.05 support in 24 hours. The retrace drove the token near its lowest levels in over a month, worrying investors about the memecoin\u2019s performance.<\/p>\n

Related Reading: Ex-Hedge Fund Guru Bets Big On Dogecoin As \u2018Core Crypto Bet\u2019<\/a><\/div>\n

It\u2019s worth noting that Longo has previously stated his discontent with the PNUT memecoin, accusing the crypto community of profiting from his late pet. As a protest, the animal rights activist launched a memecoin named Justice for Pnut and Fred (JUSTICE), which faced controversy over insider trading allegations<\/a>.<\/p>\n

Longo also promoted another memecoin, Justice for Peanut (JFP), in his warning post, which saw a 159% increase after the publication before losing all its recent gains. At the time of writing, PNUT is trading at $1.10, a 5.1% drop in the daily timeframe.<\/p>\n

\"mememecoin\"
PNUT’s performance in the one-week chart. Source: PNUTUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Binance was hit with a cease and desist letter by Mark Longo, owner of the internet sensation Peanut the Squirrel, for alleged copyright infringement. PNUT, the popular memecoin inspired by the squirrel, saw a nearly 10% decrease following the news. Related Reading: Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum? Internet Squirrel Becomes Memecoin Sensation On Sunday, Mark Longo, owner of Peanut the Squirrel, announced that his legal team had initiated legal action against crypto exchange Binance. In an X post, Longo, also known as \u201cPeanuts Dad,\u201d accused the exchange of using his intellectual property without authorization. The rescued squirrel became an internet sensation after Longo\u2019s online videos became viral, amassing over half a million followers on Instagram. However, Peanut was seized from Longo\u2019s home alongside a rescued raccoon named Fred. Both animals were euthanized to be tested for rabies, as there are not any approved antemortem rabies testing methods for animals by the Centers for Disease Control and Prevention. Following the news, the public condemned Peanut\u2019s death, with several lawmakers criticizing authorities\u2019 actions. It also sparked a wave of Peanut-inspired memecoins, which resulted in the creation of Solana-based memecoin PNUT. Amid the controversy, the token quickly grew in popularity, hitting a $120 million market capitalization in less than a week. Binance announced the listing of the memecoin on November 11, opening spot trading that same day. After the news, PNUT\u2019s price went on a massive rally, climbing to the top 10 memecoins by market cap. The token achieved the $1 billion milestone in less than a month, reaching a $2.27 billion market cap before retracing. For the past month, PNUT has held above the $1 billion mark, with the price hovering between the $1.80-$1.00 price range. Crypto Exchanges Hit With Cease And Desist Letter According to the letter shared by the animal rights activist, Binance allegedly infringed \u201cthe intellectual property rights owned by Mr. Longo.\u201d His legal team argues that the exchange\u2019s use of the copyrighted photograph of Peanut the Squirrel wearing a cowboy hat and the \u201cidentical\u201d trademark of \u201cPEANUT THE SQUIRREL and PNUT\u201d in the listed memecoin infringes their client\u2019s \u201cvarious copyrights and trademarks.\u201d The letter demanded that Binance respond to the letter by December 31st, 2024, to verify the exchange received the letter and \u201chave ceased all infringing activity.\u201d Moreover, Longo revealed in his post that this was the first of multiple cease and desist letters to be issued. PNUT faced a 10.2% dip after the news, falling from the $1.17 level to the $1.05 support in 24 hours. The retrace drove the token near its lowest levels in over a month, worrying investors about the memecoin\u2019s performance. Related Reading: Ex-Hedge Fund Guru Bets Big On Dogecoin As \u2018Core Crypto Bet\u2019 It\u2019s worth noting that Longo has previously stated his discontent with the PNUT memecoin, accusing the crypto community of profiting from his late pet. As a protest, the animal rights activist launched a memecoin named Justice for Pnut and Fred (JUSTICE), which faced controversy over insider trading allegations. Longo also promoted another memecoin, Justice for Peanut (JFP), in his warning post, which saw a 159% increase after the publication before losing all its recent gains. At the time of writing, PNUT is trading at $1.10, a 5.1% drop in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":663232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,93167,10923,85699,92951,85073,93702,93403,93703,12837,83626,87684],"class_list":["post-663228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-crypto-investor","tag-crypto-market","tag-memecoin","tag-memecoin-frenzy","tag-memecoin-mania","tag-peanut-the-squirrel","tag-pnut","tag-pnutusdt","tag-sol","tag-solana","tag-solana-memecoin"],"acf":[],"yoast_head":"\nPNUT Memecoin Drops 10% After Legal Warning To Binance<\/title>\n<meta name=\"description\" content=\"Memecoin sensation PNUT has seen a 10% drop after Peanut\u2019s owner announced he sent a legal warning to Binance 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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