Mark Longo’s launch of the JUSTICE meme coin has sparked controversy, as investigations reveal that a small group controls nearly 80% of the supply.
In response to the success of PNUT, Longo launched JUSTICE, which quickly gained attention, reaching a $13 million market cap with its price soaring by over 50,000% in a matter of hours. However, analysts have pointed out troubling signs of insider control.
Multiple address groups coordinated to bundle the token’s supply prior to Longo’s public announcement, with the top 45 holders “were all funded within a three-hour window” on Nov. 24, Bubblemaps says. Funds for these holders came from protocols or centralized exchange hot wallets, raising concerns about the token’s decentralization.
“This looks coordinated, with strong signs that one person or a small group controls these wallets. Is the owner of Peanut using JUSTICE as a revenge plot or a cash grab? The risks here are too big to ignore.”
Bubblemaps
The rapid rise of JUSTICE has raised concerns about its legitimacy and the risks for investors, especially with so much of the token controlled by a few addresses. While Longo says the token is meant to take control of his story, the insider involvement raises doubts about its decentralization.