“Scandal Hits JUSTICE Meme Coin: Insider Manipulation Allegations Rock Mark Longo’s Crypto Protest”

Controversy Surrounds JUSTICE Meme Coin as Insider Manipulation Allegations Surface

The launch of the JUSTICE meme coin by Mark Longo, the owner of the late internet-famous Peanut the Squirrel, has sparked heated controversy. Allegations of insider manipulation and centralized control have raised concerns over the legitimacy of the project, leaving investors questioning its long-term viability.

A Protest Coin Turns Problematic

JUSTICE was introduced by Longo as a reaction to the success of the PNUT meme coin, inspired by Peanut the Squirrel. PNUT quickly gained traction, surging to a valuation of over $1 billion following its listing on Binance. Longo, unhappy with what he viewed as the exploitation of his pet’s legacy, accused the crypto community of profiting off his story without compensation. In response, he launched JUSTICE, positioning it as a protest against PNUT’s success.

JUSTICE initially made headlines, rapidly reaching a market cap of $13 million and achieving an astonishing 50,000% price increase within hours of its debut. However, troubling revelations have cast doubt on its decentralization and transparency.

Insider Manipulation: Alarming Findings by Analysts

Analysts at Bubblemaps raised red flags in a detailed thread on X (formerly Twitter) on Nov. 26. Their investigation revealed that nearly 80% of JUSTICE’s supply is controlled by coordinated insider groups. Bubblemaps reported that the top 45 wallet holders received funds within a narrow three-hour window on Nov. 24, just before Longo’s public announcement.

What’s more, these wallets were funded by centralized exchange hot wallets and other protocols, indicating a deliberate effort to consolidate the token’s supply among a select group. This heavy concentration raises serious concerns about JUSTICE’s decentralization and risks for retail investors.

A Growing Cloud Over JUSTICE’s Legitimacy

The insider-controlled structure of JUSTICE has drawn significant criticism from the crypto community. While Longo claims the coin is a way to regain control of his narrative and protest the PNUT token, the lack of transparency and apparent centralization have cast a shadow over its legitimacy.

Longo’s actions have also fueled the controversy. In a now-deleted X post, he threatened to sue PNUT holders for copyright infringement, alleging that they exploited his pet’s legacy for profit without compensating him. This move, coupled with the centralized nature of JUSTICE, has led many to question whether the token is genuinely a movement for accountability or simply a mechanism for personal financial gain.

Risks for Investors

The rapid rise of JUSTICE and its heavily concentrated token distribution highlight significant risks for potential investors. With nearly 80% of the supply controlled by a small group of addresses, the project faces accusations of being a “pump-and-dump” scheme. Such centralization could lead to price manipulation, leaving retail investors vulnerable to heavy losses.

Final Thoughts

JUSTICE may have been launched with the intention of taking control of Mark Longo’s story, but the allegations of insider manipulation and centralization have cast serious doubts on its credibility. For investors, the token’s lack of decentralization and transparency serve as cautionary tales in a market rife with volatility.

As the dust settles, the crypto community will undoubtedly continue to scrutinize JUSTICE’s operations, leaving its future hanging in the balance. For now, the controversy surrounding Longo’s creation serves as a reminder of the importance of due diligence in the high-stakes world of meme coins.