A memecoin believed to have been launched by a law firm to help it build a class-action lawsuit against Solana memecoin creator Pump.fun recently has gained attention in the community, hitting a $23 million market capitalization.
Pump.fun was hit with a proposed class-action suit on Jan. 30 by investors alleging every token it helped make is an unregistered security from which it made nearly $500 million in fees. The lawsuit was filed by US law firms Burwick Law and Wolf Popper on behalf of the investors.
However, observers within the crypto community quickly noticed the address shown in Exhibit C of the court documents — used to show how easy and quick it is to create a coin — matches the wallet address behind Dog Shit Going NoWhere (DOGSHIT2), leading many to believe the law firms are behind the token.
The listing shows it was launched in November and comes with a warning, “Don’t buy this coin.”
Data from Gecko Terminal shows the memecoin has spiked in value since Jan. 31 after the proposed lawsuit was filed as observers made the connection.
At its peak on Jan. 31, the DOGSHIT2 market cap exceeded $23 million, according to data on Pump.fun. It has since fallen back down to approximately $2.4 million.
Meanwhile, the token’s price hit its all-time high of $0.003968 on Feb. 2, before tumbling 34%. It’s up 6% in the last 24 hours, per CoinGecko.
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Burwick Law and Wolf Popper didn’t immediately respond to Cointelegraph’s request for comment.
Last December, Burwick Law also requested that anyone who lost money on viral influencer Haliey Welch’s Hawk Tuah memecoin contact them.
It comes amid a new flurry of memecoin activity. Elon Musk’s father has been the latest figure to discuss a potential memecoin launch, called Musk It (MUSKIT), amid growing interest in celebrity-backed meme tokens.
Pump.fun usage surged over the past week when it recorded an all-time high of $3.3 billion in weekly trading volume following the launch of Trump family memecoins.
Meanwhile, last December, a CoinGecko study found from Jan. 1 to Dec. 21 that memecoins and related categories captured nearly 31% of investor interest.
US President Donald Trump’s recent foray into the memecoin market drove Google search interest for the term “crypto” to its highest level since 2021.
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