Peanut Pet Owner's Token Collapses Two Weeks After Launch

A token created by Mark Longo to honor his euthanized pets has plummeted over 99% since its November 26 launch, with on-chain data revealing significant selling pressure as controversy grows over the project's inception.

The Justice for Pnut and Fred (JUSTICE) token, launched through Solana-based meme coin platform Pump.fun, is now trading at $0.0003834, marking a dramatic decline from its initial trading levels.

The project's market capitalization has contracted to $375,960 despite maintaining over 31,000 holders, according to data from GeckoTerminal.

Longo did not immediately respond to Decrypt’s request for comment regarding the token's performance.

The launch came after Longo publicly criticized crypto traders for allegedly monetizing his personal tragedy through the popular meme coin Peanut (PNUT).

"The fact that people wanna make money off this is nothing short of despicable," Longo stated in a Twitter video before pivoting to launch the token.

At the time, PNUT community members pointed to approximately $50,000 in donations made to Longo, which they claim he immediately liquidated.

By Friday, December 6, the account associated with Longo posted on X about a new contract address, implying that the initial $JUSTICE token was shifting to a new one. Some seven minutes after the post, the account posted the new contract address with a new ticker: $JFP.

Upon examination, Decrypt found that the JUSTICE FOR PEANUT (JFP) token suffered roughly the same fate as its predecessor. The new JFP token is down 67% since its creation on December 6.

For context, the "JusticePnutFred" account is verified on the X platform as an official organization. Decrypt has reached out to X for confirmation.

The same account went on to thank "4 news publications" for covering the story of Mark Longo and the launch of JFP. It is not clear which publications the account was referring to. On the same day, it claimed to have submitted requests for listing on CoinMarketCap and CoinGecko.

What is the JUSTICE token and where did it begin?

The case involving Longo and his pets Peanut and Fred gained significant political traction when Vice President-elect JD Vance revealed at a North Carolina rally that Trump was "fired up" about the euthanization. The story's virality intensified after Elon Musk's commentary sparked increased trading activity in various associated meme coins.

The incident originated when New York State environmental officers raided Longo's Pine City animal sanctuary on October 30, citing violations of wildlife protection laws. P'Nut, who had accumulated over 500,000 social media followers, was euthanized alongside Fred after allegedly biting someone during the seizure.

Longo's latest moves with the Justice for Peanut and Fred meme coins add to a growing trend of controversial meme coin launches on Pump.fun.

The platform's accessible token creation system has revolutionized how meme coins enter the crypto market, enabling projects such as JUSTICE and JFP to launch with minimal financial and technical barriers.

For 0.02 SOL (around $4.8), users can create tokens without technical expertise. The platform's bonding curve mechanism automatically adjusts prices based on market activity, though this feature can amplify volatility in trending tokens.

Since January 2024, the Solana-based platform has facilitated over 3.85 million token launches.

On November 25, Decrypt covered how self-harm and other forms of violence and abuse have proliferated on Pump.fun. The platform dropped its live-streaming feature after the reports about it ignited community backlash. 

On Saturday, Pump.fun banned UK users after it received warnings from the country's financial regulator.

Edited by Sebastian Sinclair