The PNUT memecoin, which gained widespread attention during the U.S. election cycle, lost 5% of its value following a legal warning issued to Binance by Mark Longo, the creator and intellectual property owner of the Peanut the Squirrel internet character.
Mark Longo disclosed this development on his X (formerly Twitter) page, informing the crypto community of the legal action initiated against Binance. He accused the exchange of using his character’s images and stories without his permission.
In his statement, Longo wrote:
“My legal team is taking action against Binance for using my intellectual property without permission, including images and stories about my animals. This is just the first of several warning letters. I’m determined to protect my creative work and make it clear: using my IP without permission is not okay. $JFP — WE WILL GET JUSTICE.”
Peanut the Squirrel is a stray squirrel that was rescued by Mark Longo and became an internet sensation through Longo’s viral videos, amassing over half a million followers on Instagram.
These videos helped Peanut get over 500,000 followers on Instagram. But there was some trouble when Peanut and a rescued raccoon named Fred were taken away from Mark’s home by the police.
Peanut’s popularity skyrocketed further when tech billionaire Elon Musk mentioned the character in a tweet, fueling public interest. Because of this, a new digital coin called PNUT was made, and it became very popular. In just one week, it grew so much that it was worth $120 million. This success led to many other digital coins inspired by Peanut, especially on the Solana blockchain.
Recognizing PNUT’s growing influence, Binance announced the listing of the memecoin on November 11, 2024. This made PNUT’s value go up a lot, propelling it into the top 10 memecoins by market capitalization.