Dog Shit Going NoWhere (DOGSHIT2) has recently come under scrutiny after it was linked to a class-action lawsuit against the creators of Pump.fun, a Solana-based meme coin platform.
Dog Shit Going NoWhere (DOGSHIT2) has recently come under scrutiny after it was linked to a class-action lawsuit against the creators of Pump.fun, a Solana-based meme coin platform. Launched on Oct. 31, 2024, DOGSHIT2 experienced a meteoric rise, peaking at a market capitalization of over $23 million before plummeting to approximately $2.4 million.
The proposed class-action suit, filed on Jan. 30 by U.S. law firms Burwick Law and Wolf Popper, alleges that tokens created by Pump.fun are unregistered securities.
Investors claim the platform has generated nearly $500 million in fees from these tokens. Notably, observers in the crypto community identified a matching wallet address in the court documents, suggesting a connection between the law firms and the DOGSHIT2 token.
Since the lawsuit's announcement, DOGSHIT2 saw a significant spike in value, hitting an all-time high of $0.003968 on Feb. 2, before experiencing a 34% decline.
The token has since regained some ground, with the data showing a 6% increase in the last 24 hours.
Burwick Law has previously sought to represent investors affected by notable meme coins, including those associated with influencer Haliey Welch’s Hawk Tuah. The recent surge in meme coin activity has drawn attention, particularly with celebrity-backed projects gaining traction, including a potential launch by Elon Musk's father of Musk It (MUSKIT).
In the broader context, a study revealed that from Jan. 1 to Dec. 21, 2024, meme coins and related categories accounted for nearly 31% of investor interest.
The latest surge in interest in the meme coin sector coincides with Pump.fun’s all-time highest weekly trading volume of $3.3 billion.
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