A memecoin called Dog Shit Going NoWhere (DOGSHIT2) is drawing attention after reports suggested it may be connected to the law firms suing Solana memecoin creator Pump.fun. At its peak, DOGSHIT2 reached a market cap of over $23 million but has since dropped to around $2.4 million.
Lawsuit Against Pump.fun Sparks Memecoin Mystery
On January 30, US law firms Burwick Law and Wolf Popper filed a proposed class-action lawsuit against Pump.fun. The lawsuit claims that every token created through Pump.fun is an unregistered security, and the platform allegedly collected nearly $500 million in fees from these transactions.
However, the crypto community quickly spotted something unusual in the court documents. An address listed in Exhibit C—used to demonstrate how easily a token can be created—matched the wallet behind DOGSHIT2. This coincidence led many to believe the law firms might be linked to the memecoin’s launch.
DOGSHIT2 Sees Surge in Value
DOGSHIT2, which launched in November with a clear warning label saying, “Don’t buy this coin,” saw a sudden surge in activity after the lawsuit was filed. Data from Gecko Terminal shows the token’s value spiked on January 31 as the community speculated about the law firms’ involvement.
On that day, DOGSHIT2’s market cap soared past $23 million. However, it has since dropped significantly, settling at around $2.4 million. The token hit its all-time high price of $0.003968 on February 2 before falling 34%. Despite this decline, the coin has seen a slight recovery, rising 6% in the last 24 hours, according to CoinGecko.
Burwick Law and Wolf Popper have not responded to requests for comments on the matter.
Memecoin Craze Continues to Grow
This isn’t Burwick Law’s first involvement in the memecoin world. In December, the firm encouraged anyone who lost money on influencer Haliey Welch’s Hawk Tuah memecoin to contact them.
The memecoin frenzy shows no signs of slowing down. Recently, Elon Musk’s father teased the launch of his own memecoin, Musk It (MUSKIT), fueling further interest in celebrity-backed tokens.
Pump.fun has also seen a surge in activity, hitting a record $3.3 billion in weekly trading volume following the launch of Trump family memecoins. Meanwhile, a CoinGecko study revealed that from January 1 to December 21, memecoins accounted for nearly 31% of investor interest.
Adding to the hype, former US President Donald Trump’s recent dive into the memecoin space pushed Google searches for “crypto” to their highest levels since 2021.
