Mark Longo’s launch of the JUSTICE meme has sparked controversy, as investigations reveal a small group controls nearly 80% of the supply.
JUSTICE, the news coin launched by Peanut Squirrel owner Mark Longo, is facing allegations of internal manipulation, with reports indicating that coordinated groups control the majority of the token supply.
Bubblemaps analysts have sounded the alarm in a thread on November 26, noting that the token appears to be heavily controlled by insiders, with nearly 80% of the supply believed to be pooled by coordinated groups.
Longo, who accused the crypto community of profiting from his late pet’s story, launched JUSTICE to protest the (PNUT) meme coin, which was inspired by Peanut’s internet fame and soared in an instant to over $1 billion in valuation after listing on Binance.
In response to PNUT’s success, Longo launched JUSTICE, which quickly gained attention, reaching a market cap of $13 million and its price soaring more than 50,000% in a matter of hours. However, analysts have pointed to worrying signs of internal control.
Multiple groups of addresses coordinated to consolidate the token supply ahead of Longo’s public announcement, with the top 45 holders “all being funded within a three-hour period” on November 24, Bubblemaps says. These holders’ funds came from centralized exchange protocols or hot wallets, raising concerns about the token’s decentralization.
“It appears coordinated, with clear signs that one person or small group controls these wallets. Is Peanut’s owner using JUSTICE as a revenge plot or money grab? The risks here are too great to ignore.
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The rapid rise of JUSTICE has raised concerns about its legitimacy and risks for investors, especially with a large portion of the tokens controlled by a few addresses. While Longo claims the token is intended to take control of its history, the involvement of insiders raises doubts about its decentralization.
Like crypto.news reported Earlier, in a now-deleted post on compensation.