PNUT has dropped nearly 10% after Mark Longo, the owner of the internet-famous Peanut the Squirrel, sent a cease and desist letter to Binance for alleged copyright infringement.
Deez nuts
Longo, affectionately known as “Peanut’s Dad,” announced that his legal team was taking action against Binance, because he accused the exchange of using his intellectual property without permission, which understandably ruffled some feathers.
Peanut became an internet sensation thanks to Longo’s viral videos, racking up over 500,000 followers on Instagram.
The tragedy struck when Peanut and a rescued raccoon named Fred were seized from Longo’s home and killed by the authorities for rabies testing, something so soulless evil act, that sparked giant outrage among fans and lawmakers alike.
Legacy
Following these events, Peanut inspired a wave of memecoins, leading to the creation of PNUT.
The token quickly gained traction, hitting a market cap of $120 million in just under a week after Binance listed it on November 11. After the listing, PNUT’s price skyrocketed, pushing it into the top 10 memecoins by market cap.
In less than a month, PNUT reached the $1 billion milestone before pulling back slightly.
For the past month, it has maintained its position above that level, trading between $1.00 and $1.80.
Consequences
According to the cease and desist letter shared by animal rights activists, Binance allegedly violated Longo’s intellectual property rights by using a copyrighted image of Peanut wearing a cowboy hat and the trademark “PEANUT THE SQUIRREL and PNUT.”
The letter demands that Binance respond by December 31, confirming they’ve received it and have stopped any infringing activities.
Longo hinted that this was just the first of several legal notices to come.
After this news broke, PNUT experienced a 10.2% dip, sliding from $1.17 to $1.05 within 24 hours.
This retracement brought the token close to its lowest levels in over a month, leaving investors anxious about its future performance.
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