Binance Hit with Legal Action Over Peanut the Squirrel's Intellectual Property
- The owner of Peanut the Squirrel has filed a lawsuit against Binance.
- PNUT has dropped by over 7.70%, trading at $1.06.
Mark Longo, known as the “Squirrel Dad” and the owner of Peanut the Squirrel, has initiated legal proceedings against Binance, a leading cryptocurrency exchange. He asserts that Binance infringed on his copyright by using Peanut’s images and narratives without consent.
Longo stated on X,
“This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated.”
His claim focuses on the alleged unauthorized use of intellectual property, like images and narratives associated with Peanut, which he says are protected under U.S. copyright law.
Moreover, the legal letter asserts that Binance’s actions could confuse users into believing that the PNUT memecoin and related campaigns are endorsed by or affiliated with Longo’s animal welfare efforts. As of now, Binance has not responded to the allegations.
Backstory of Peanut the Squirrel
Peanut the Squirrel obtained widespread attention during the U.S. presidential election due to an incident that involved Longo and the New York State Department of Environmental Conservation (NYS DEC). The agency seized Peanut and a raccoon from Longo’s care in late October 2023.
Tragically, Peanut died while in custody, which led to widespread public outrage and garnered support from high-profile figures, like Elon Musk. Following Peanut’s passing, the crypto community responded by launching numerous meme coins inspired by the squirrel. One of these coins, PNUT, achieved a listing on Binance on November 11.
Price Movement of PNUT
Over the past 24 hours, the Peanut the Squirrel (PNUT) token has plunged by over 7.70%. At the time of writing, the meme coin trades at $1.06, with its market cap reaching $1.06 billion. Meanwhile, the trading volume of PNUT has surged by 29.90% to $468 million.
The technical indicators highlight the current bearish momentum; if it persists, the asset could immediately fall back to the $1 mark. A breach below this level will push the price even down to a low of $0.93. On the upside, PNUT might find the nearby resistance at the $1.13 range. If the meme coin’s upside pressure strengthens, it could even take the price to $1.25.
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