PNUT Memecoin Drops 10% Following Peanut’s Owner Legal Warning To Binance
Binance received a cease and desist letter from Mark Longo, owner of Peanut the Squirrel, for alleged copyright infringement related to the memecoin PNUT. Following the announcement, PNUT's price dropped nearly 10%. Longo's legal team claims Binance used his intellectual property without permission, specifically a copyrighted photo of Peanut and the trademark "PEANUT THE SQUIRREL and PNUT." The letter demands a response by December 31, 2024. PNUT had previously surged to a $2.27 billion market cap but faced a decline after the cease and desist news. Longo has expressed dissatisfaction with the memecoin, accusing the crypto community of exploiting his late pet. He also launched his own memecoins, Justice for Pnut and Fred (JUSTICE) and Justice for Peanut (JFP), amid controversy. Currently, PNUT is trading at $1.10, reflecting a 5.1% daily drop.
