DOGSHIT2 memecoin gains attention after link to lawsuit, surging in market cap amid crypto frenzy - IcoHolder.

A new memecoin, Dog Shit Going NoWhere (DOGSHIT2), has caught the attention of the crypto community after being linked to a class-action lawsuit against the creator of the Solana-based memecoin Pump.fun. The legal action, filed on January 30, alleges that Pump.fun helped create unregistered securities, leading to nearly $500 million in fees. This lawsuit, brought by law firms Burwick Law and Wolf Popper, is driving significant interest in DOGSHIT2, which recently saw its market capitalization surge to $23 million.

The connection between the memecoin and the lawsuit emerged after observers noticed that the wallet address listed in court documents (Exhibit C) matched the wallet address behind DOGSHIT2. The court document used the address to demonstrate the ease of creating a cryptocurrency, which led many to believe that the law firms behind the lawsuit might also be behind the memecoin.

Since the lawsuit’s announcement, DOGSHIT2 has seen a surge in value and trading activity. On January 31, the coin’s market cap briefly spiked above $23 million before settling back down to approximately $2.4 million. Its price reached an all-time high of $0.003968 on February 2, before falling by 34%. As of the last 24 hours, the token has shown a modest 6% increase in value.

Despite the surge in interest, the law firms involved have not yet responded to requests for comment. This unusual turn of events has sparked curiosity and speculation within the crypto community. Some believe the memecoin may be an attempt by the law firms to generate attention and funds while pursuing their case against Pump.fun.

This incident highlights the ongoing memecoin frenzy, a trend that has captured the attention of both investors and celebrities alike. Notably, Elon Musk’s father recently hinted at launching his own memecoin, Musk It (MUSKIT), amid growing celebrity interest in the meme-token space. The memecoin market has seen significant activity, with Pump.fun itself recording a surge in usage, including a peak of $3.3 billion in weekly trading volume following the launch of Trump family memecoins.

Memecoins and related categories have become a significant part of the crypto landscape, with a CoinGecko study showing that they captured nearly 31% of investor interest in 2024. The popularity of these coins has coincided with a rise in mainstream interest in cryptocurrencies, further fueled by high-profile figures and viral tokens. As the memecoin market continues to evolve, DOGSHIT2’s meteoric rise and the potential implications of the lawsuit may signal a new chapter in this volatile sector.