Cryptocurrency Alerts: JUSTICE Meme Coin Faces Insider Scandal

Controversy Surrounds JUSTICE Meme Coin Amid Insider Control Claims

Cryptocurrency Alerts: JUSTICE Meme Coin Raises Questions Over Insider Control

The launch of the JUSTICE meme coin by Mark Longo, owner of the internet-famous Peanut the Squirrel, has ignited controversy in the crypto world. Initially introduced as a protest against the $PNUT coin, which Longo claims profited off the legacy of his late pet Peanut, JUSTICE quickly gained traction but is now under scrutiny for alleged insider manipulation.

The Birth of JUSTICE Coin

Mark Longo created JUSTICE for Fred and Pnut ($JUSTICE) to reclaim his narrative after the success of $PNUT, a meme coin inspired by Peanut’s internet fame. $PNUT soared to a valuation of over $1 billion following its Binance listing, leading Longo to accuse the crypto community of exploiting his beloved pet’s story without even offering him compensation. JUSTICE, launched in response, quickly gained attention, achieving significant popularity and experiencing a dramatic surge in its value shortly after launch.

Longo has positioned JUSTICE as a movement, promising to donate proceeds to "Pnut's Freedom Farm," his construction project, and vowing to pursue legal action against those he accuses of profiting off Peanut’s legacy.

Concerns Over Centralization

Despite its rapid rise, analysts and investors are raising red flags about JUSTICE's legitimacy. Investigations by Bubblemaps, a blockchain analytics platform, reveal that nearly 80% of the token’s supply is controlled by a small group of addresses. In a detailed thread on X (formerly Twitter), Bubblemaps noted that these addresses were funded in a highly coordinated manner within a three-hour window on November 24. The funds reportedly originated from centralized exchange hot wallets and protocols, leading to suspicions of insider control.

“This looks coordinated, with strong signs that one person or a small group controls these wallets,” stated Bubblemaps. “Is the owner of Peanut using JUSTICE as a revenge plot or a cash grab? The risks here are too big to ignore.”

These concerns are causing Cryptocurrency alerts, cautioning potential investors about the dangers of centralized control in meme coins like JUSTICE.

Crypto Community's Backlash

The allegations of centralization and insider manipulation have prompted widespread criticism from the crypto community. Many users have accused Longo of hypocrisy, highlighting that they had previously donated $50,000 to him, which he allegedly sold off. Longo, however, defended himself, claiming all proceeds were directed toward Pnut’s Freedom Farm. He has also reiterated his intent to file a lawsuit for copyright infringement, stating, “We WILL get justice for not only Fred and Pnut but for everyone moving forward.”

Investor Risks and Final Thoughts

As of now, $JUSTICE is trading at $0.05698 (price at the time of writing), with its market cap surpassing $58.60 million. While the coin's meteoric rise has attracted attention, its heavy centralization raises significant concerns about decentralization and fairness for investors. With the top 45 holders controlling a large chunk of the supply, many fear that JUSTICE could be a high-risk venture with potential for price manipulation.

Cryptocurrency Alerts serve as an important reminder for investors to carefully analyze tokenomics and wallet activity before investing in projects. The controversy surrounding JUSTICE highlights the need for transparency and decentralization in the rapidly evolving meme coin market.

While JUSTICE aims to symbolize Mark Longo’s fight for his pet’s legacy, its current trajectory raises more questions than answers. Investors are advised to tread carefully as the debate over JUSTICE’s legitimacy continues to unfold in the crypto world.

By staying vigilant and paying attention to these cautious cryptocurrency alerts, potential investors can make more informed decisions in this highly speculative market.