• bitcoinBitcoin$96,669.98-0.89%
  • ethereumEthereum$2,669.12-0.92%
  • rippleXRP$2.750.14%
  • binancecoinBNB$677.702.35%
  • solanaSolana$187.83-3.26%

Memecoin DOGSHIT2 Surges Amid Pump.fun Lawsuit Speculation

Memecoin DOGSHIT2 Surges Amid Pump.fun Lawsuit Speculation

A memecoin, DOGSHIT2, suspected to be linked to a law firm suing Pump.fun, briefly hit a $23 million market cap.

A memecoin, thought to be created by a law firm to help with a class-action lawsuit against the Solana memecoin platform Pump.fun, caught attention and quickly reached a market value of $23 million.

DOGSHIT2 Memecoin Raises Questions Over Law Firms’ Role in Pump.fun Lawsuit

Pump.fun is facing a class-action lawsuit filed on January 30 by investors. They claim that every coin the company helped sell is an unregistered security, which resulted in nearly $500 million in fees. The case, filed by Burwick Law and Wolf Popper, claims that there were violations of regulations.

The crypto community quickly saw that the wallet address mentioned in Exhibit C of the court papers, which shows how easy Pump.fun is for making coins, is the same as the address for Dog Shit Going NoWhere. This finding has made many people wonder if the law companies are involved with the token.

Memecoin DOGSHIT2 Surges Amid Pump.fun Lawsuit Speculation - Protechbro: Top Stories on Bitcoin, Ethereum, Web3, & Blockchain

The token, which was listed in November with a warning saying “Don’t buy this coin,” increased in value after the case was announced. According to Gecko Terminal, the market value of DOGSHIT2 reached a high of $23 million on January 31, but then dropped to $2.4 million.

Its price reached a record high of $0.003968 on February 2, but has since fallen by 34%. However, it has increased by 6% in the last 24 hours, according to CoinGecko.

Burwick Law and Wolf Popper have not replied to Cointelegraph’s request for a reply.

Burwick Law has gone after memecoins before. In December, the company looked for buyers who lost money on Haliey Welch’s Hawk Tuah memecoin.

Memecoins are becoming more popular, especially after Elon Musk’s father suggested he might start Musk It (MUSKIT) due to increasing interest in tokens supported by celebrities. Pump.fun has had a record week, with trade reaching an all-time high of $3.3 billion. This surge is driven by memecoins related to the Trump family.

A CoinGecko study from December showed that memecoins and similar types of coins attracted almost 31% of investor interest in 2023. Donald Trump’s involvement in the memecoin market has caused Google searches for “crypto” to reach their highest point since 2021.

Previous Article

South Korea’s Bitcoin Kimchi Premium Hits High Amid Market Turmoil

Next Article

U.S. Stock Futures and Crypto Market Plunge After Trump’s Tariffs