PNUT Meme Coin Price Declines, Image Owner Of How The Squirell Sues Binance

How come The Squidrel was raided until it went viral on the internet last November. (Photo; Doc. Teacher Watcher)

JAKARTA - The story of calm the Squirel, a squirrel that has become a viral icon in cyberspace, has now led to legal problems. The owner of the picture calm the Squirrel sued the world's largest crypto exchange, Binance. The owner ofLAW, Mark Longo, officially dragged Binance to court.

The crypto exchange founded by Changpeng Zhao is accused of exploiting the story and image of its squirrel without permission. This lawsuit stands out in the midst of the hectic meme token, totaling The Squidrel (PNUT), which had become a hot topic in the crypto community some time ago.

In November 2024, when the New York Environmental Conservation Department confiscated and put the squirrel to sleep in a raid. Mark Longo spread a picture of him and told the fate of the squirrel on his social media.

The action sparked public outrage, with the support of figures like Elon Musk.men then became a symbol of struggle and inspiration for the birth of a coin meme ecosystem, including PNUT, which was launched without Longo's involvement. The token recorded a market capitalization of more than $1 billion just days after its launch on Binance on November 11.

Along with the emergence of the lawsuit, the PNUT price slumped 8.14% at 18:55 WIB, Monday, December 16, 2024. This situation is increasingly complicated by the emergence of a number of parties accusing Longo of taking advantage of his tragedy for personal gain.

Critics refer to Longo as a value extractor because he is suspected of launching a rival project, namely the Justice for airing token ($JUSTICE), with a narrative claiming authenticity to the story of my friend. This token managed to record a 50% increase in his debut.

On the other hand, Longo's lawsuit against Binance escalated the debate over copyright and ethics in the digital era. The case actually sparked a broader trend, where creators are increasingly fighting the exploitation of their work without permission. Not only Longo, Philip Banks, the artist behind the meme Just a Chill Guy, also took legal steps against crypto projects that use their work without permission.