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A controversial memecoin, DOGSHIT2, appears to have been created by a law firm that recently filed a lawsuit against Pump.fun, a popular platform for launching memecoins. The discovery of a connection between the coin and the law firm has sparked outrage and speculation within the crypto community.
DOGSHIT2 Linked to Law Firm
On January 30, Pump.fun was hit with a proposed class-action lawsuit, filed by investors claiming that all tokens created on the platform should be classified as unregistered securities.
According to the lawsuit filed by U.S. law firms Burwick Law and Wolf Popper, Pump.fun allegedly earned nearly $500 million in fees.
Shortly after, sharp-eyed crypto analysts noticed something unusual—the wallet address listed in Appendix C of the court documents, meant to illustrate how easily tokens can be created, matched the wallet behind the Dog Shit Going NoWhere (DOGSHIT2) token.
This discovery fueled speculation that the law firms themselves may have launched the coin, possibly as part of their case against Pump.fun.
DOGSHIT2 Surges in Value After Lawsuit Connection
According to Gecko Terminal data, the price of DOGSHIT2 skyrocketed on January 31 after the connection to the lawsuit was revealed.
- On that day, its market capitalization surged past $23 million.
- However, the value has since dropped back to approximately $4.1 million.
Memecoins Are Gaining Popularity Again
This controversy comes at a time when interest in memecoins is booming once again.
- In December, Burwick Law encouraged investors to come forward after many lost money in the Hawk Tuah memecoin, promoted by influencer Hailey Welch.
- Elon Musk’s father is reportedly considering launching a memecoin called Musk It (MUSKIT).
- The Trump family recently launched a series of memecoins, further fueling the trend.
As a result, Pump.fun saw a record-breaking $3.3 billion in weekly trading volume.
According to a CoinGecko study published in December, memecoins and related categories accounted for nearly 31% of investor interest between January and December 2023.
Trump’s Influence on Memecoins
The recent involvement of former U.S. President Donald Trump in memecoins has fueled a surge in crypto-related Google searches, reaching their highest levels since 2021.
With this growing trend and the ongoing controversy surrounding Pump.fun, the question remains:
How long will the memecoin hype last, and what legal consequences could it bring
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