News
Designate Longo, the proprietor of records superhighway superstar Peanut the Squirrel, has taken factual motion against global crypto exchange Binance.
He alleges that the company infringed on his intellectual property rights by utilizing images and narratives of Peanut without permission.
Peanut the Squirrel (PNUT) Designate Unmoved Despite Appropriate Circulation
Longo claims this unauthorized employ infringes on his rights and likewise dilutes the originality of his inventive work.
“My factual crew initiated motion against Binance for the unauthorized employ of my intellectual property, together with images and experiences that contains my loved animals. Right here is the first of extra than one cease and desist letters to be issued. I’m dedicated to holding my inventive work and sending a certain message: unauthorized employ of my IP is maybe now not tolerated,” Longo declared on his X account, Squirrel_Dad.
Despite the factual battle, the market reaction has been rather subdued. Peanut the Squirrel (PNUT) token has handiest rather lowered in price, down by 2.10% in the previous 24 hours, currently trading at $1.12.
The factual dispute has added gas to the already contentious ecosystem of Peanut-connected meme coins. Longo has began promoting his newly launched Justice for Peanut (JFP) token, positioning it as the “handiest valid PNUT coin.” Despite an preliminary market cap surge to $116 million earlier this month, JFP has considered its valuation tumble by over 95%, currently standing at $3 million.
This lawsuit and Longo’s subsequent meme coin launches possess sparked controversy. On social media platforms esteem X, community individuals possess expressed skepticism about Longo’s motives, accusing him of exploiting the device back for revenue.
“You rugged 5 separate contracts and made hundreds of hundreds of dollars already, and now we possess all the proof. All and sundry knows you’re a scamming price extractor,” one person remarked.
Peanut the Squirrel turned into one in every of the biggest debated matters in the direction of the US Presidential election resulting from a troubling incident spellbinding Longo and Current York’s Division of Environmental Conservation (NYS DEC). In gradual October, the company confiscated Peanut and a raccoon from Longo’s care. Sadly, it turned into as soon as later disclosed that Peanut died whereas in custody, leading to a public outcry supported by critical figures esteem Elon Musk.
Subsequently, the crypto community launched many meme coins around the squirrel. PNUT, in snort, achieved a Binance listing on November 11, giving it extra relevance in the market.
The controversy surrounding Peanut the Squirrel also mirrors elevated trends in the cryptocurrency market, specifically among meme coins. PNUT astonishingly reached a $1 billion market cap in fair 11 days since its start. For comparability, it took Dogecoin (DOGE) 1,487 days to reach the identical financial milestone.
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