Media: DOGSHIT2 meme token launched by investor representatives in the case against Pump. fun launchpad

At its peak, the asset’s capitalization exceeded $23 million

03.02.2025 - 11:15

1 min

What’s new? Law firms Burwick Law and Wolf Popper, which filed a lawsuit against the meme token launchpad Pump. fun on the Solana network, launched the Dog Shit Going NoWhere coin under the ticker DOGSHIT2, whose capitalization at its peak exceeded $23 million. The community believes that DOGSHIT2 was created in preparation for a class action lawsuit to demonstrate how easy it is for any user to launch an asset through Pump. fun.

Cointelegraph’s material

What else is known? According to the lawsuit, filed on January 30 in New York federal court, Pump. fun used so-called guerrilla marketing tactics to stimulate demand for tokens with high volatility, causing retail investors significant losses.

In addition, it is alleged that all tokens created using Pump. fun, are unregistered securities, and the platform itself earned $500 million in fees from these illegal launches.

The crypto community found that the demo address listed in the court documents attachment matched the DOGSHIT2 wallet address, linking the asset to Burwick Law and Wolf Popper.

Meanwhile, the attachment lists the launch date as October 31, 2024, and the listing itself was accompanied by the following disclaimer: “Don’t buy this coin.”

According to Gecko Terminal, the meme token’s exchange rate began to rise sharply on January 31 as its connection to law firms was revealed after a lawsuit was filed. At its peak on January 31, the asset’s capitalization exceeded $23 million but has now collapsed to $3,7 million.

Nevertheless, the daily growth at the time of writing is 38% and the coin is trading at $0,004.

Author: