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Monday saw a notable increase in market capitalization for a memecoin, which some believe was launched by a law firm involved in a class-action lawsuit against the Solana memecoin creator, Pump.fun.
According to CoinTelegraph, the memecoin, known as Dog Shit Going NoWhere (DOGSHIT2), reached a market cap of $23 million.
The lawsuit, filed on January 30, accuses Pump.fun of generating nearly $500 million in fees from creating unregistered securities in the form of tokens. Burwick Law and Wolf Popper, two U.S. law firms, are representing the investors in this case. The connection between the law firms and DOGSHIT2 was speculated upon after the crypto community noticed that the wallet address in Exhibit C of the court documents matched the address behind the memecoin.
Following the revelation, Dog Shit Going NoWhere experienced a significant surge in both activity and value. Data from Gecko Terminal indicated that the memecoin’s value spiked on January 31, the day after the lawsuit was proposed. At its peak, DOGSHIT2’s market cap surpassed $23 million, as per Pump.fun’s data, but it later dropped to around $2.4 million.
The token’s price reached an all-time high of $0.003968 on February 2, only to fall by 34% subsequently. However, the token has recovered slightly, showing a 6% increase in the last 24 hours, according to CoinGecko.
This event occurs amidst a surge of interest in memecoins, with even Elon Musk’s father discussing the potential launch of a memecoin named Musk It (MUSKIT). Pump.fun itself saw a spike in usage over the past week, recording $3.3 billion in weekly trading volume, partly due to the introduction of memecoins associated with the Trump family.
The interest in memecoins has been growing, as a CoinGecko study from last December highlighted that these types of coins accounted for nearly 31% of investor interest from January 1 to December 21.
Additionally, the involvement of former US President Donald Trump in the memecoin market has led to an increase in Google (NASDAQ:GOOGL) searches for "crypto" to levels not seen since 2021.
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