- Mark Longo’s Justice for Pnut and Fred (JUSTICE) token has fallen 99% since its November 26 launch.
- Token market capitalization decreased to $375,960 despite maintaining 31,000 holders.
- A new token iteration (JFP) launched December 6 dropped 67% since creation.
- Controversy stems from Longo’s initial criticism of traders profiting from his pets’ story.
- The tokens were created through Solana-based platform Pump.fun, which enables launches for 0.02 SOL.
Meme Token Created to Honor Euthanized Pets Plunges 99%, Raising Questions About Project’s Legitimacy
The Justice for Pnut and Fred (JUSTICE) token, launched on Solana by Mark Longo following his pets’ euthanization, has lost nearly all its value amid growing skepticism over the project’s origins and execution.
According to GeckoTerminal data, the token now trades at $0.0003834, representing a dramatic decline from its initial price. Despite retaining over 31,000 holders, the project’s market capitalization has contracted to $375,960.
Token Migration and Continued Decline
On December 6, the project attempted a revival by launching a new token called JUSTICE FOR PEANUT (JFP). The announcement on X preceded a swift decline, with the new token losing 67% of its value since launch.
The controversy intensified after Longo’s initial criticism of crypto traders profiting from his situation through the original Peanut (PNUT) token. Community members highlighted approximately $50,000 in donations to Longo, which they claim he immediately converted to cash.
The case gained national attention when Vice President-elect JD Vance mentioned at a North Carolina rally that former President Trump expressed concern about the pets’ euthanization. The incident occurred after New York State environmental officers raided Longo’s Pine City animal sanctuary on October 30.
Platform Concerns
The tokens were created through Pump.fun, a Solana-based platform that has facilitated over 3.85 million token launches since January 2024. The platform’s accessible model allows users to create tokens for 0.02 SOL (approximately $4.8) without technical expertise.
Recent developments have raised concerns about the platform’s operations:
- Platform removed its live-streaming feature following community backlash
- UK users were banned after warnings from financial regulators
- Questions persist about the platform’s role in controversial token launches
The platform employs an automated bonding curve mechanism, which adjusts token prices based on market activity, potentially amplifying price volatility in trending tokens.
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