- A law firm involved in a class-action lawsuit against Pump.fun is suspected of launching a memecoin to build its case.
- The ‘DOGSHIT2’ token, tied to the firm, surged to a $23 million market cap before crashing, raising ethical concerns.
A proposed class-action lawsuit against Solana-based meme coin creator Pump.fun has taken a bizarre turn. The law firms behind the suit, Burwick Law and Wolf Popper, are now under scrutiny for their alleged involvement in launching a meme coin called DogShitGoingNoWhere (DOGSHIT2).
The token, which skyrocketed to a $23 million market cap, has sparked accusations that the firms may have used it to bolster their legal case against Pump.fun.
The Memecoin Mystery
The lawsuit, filed on January 30, accuses Pump.fun of facilitating the creation of unregistered securities and profiting nearly $500 million in fees. However, crypto detectives quickly noticed something unusual: the wallet address listed in the lawsuit’s Exhibit C matched the one behind DOGSHIT2.
This led to widespread speculation that the law firms themselves launched the meme-coin to demonstrate how easily tokens can be created on Pump.fun.
DOGSHIT2, which was launched in November with a warning label reading “Don’t buy this coin,” saw a dramatic spike in activity and value after the lawsuit was filed. Its market cap peaked at $23 million on January 31 before plummeting to around $2.4 million. The token’s price also hit an all-time high of $0.003968 on February 2, only to drop 34% shortly after.
The crypto community has been quick to question the ethics of the situation. If the law firms are indeed behind DOGSHIT2, it raises concerns about their motives and the integrity of the lawsuit. Burwick Law and Wolf Popper have yet to respond to requests for comment, leaving the allegations unanswered.
This isn’t the first time Burwick Law has been involved in memecoin-related legal action. In December, the firm sought investors who lost money on the viral Hawk Tuah meme-coin, further securing its presence in the crypto legal space.
The platform’s record-breaking week coincides with a broader resurgence in memecoin activity. Notably, Elon Musk’s father, Errol Musk, recently hinted at launching his meme-coin, dubbed Musk It (MUSKIT), adding to the growing trend of celebrity-backed tokens.
US President Donald Trump’s involvement in the meme-coin space has also made waves, driving Google search interest for the term “crypto” to its highest level since 2021. As meme coins continue to capture public attention, platforms like Pump.fun are reaping the benefits of this renewed enthusiasm.
As the Pump.fun lawsuit unfolds, the DOGSHIT2 controversy highlights the blurred lines between legal advocacy and potential manipulation in the volatile world of meme-coins. Whether the law firms’ alleged actions will impact the case remains to be seen, but the incident emphasises the need for greater transparency in both the crypto and legal industries.
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