🥊 CIRCLE TAKES ON MEMECOIN
@circle, the $50 billion $USDC issuer, filed a brand infringement complaint against a memecoin called "Just A Circle" for using the $CRCL ticker.
Solscan changed the token's ticker from CRCL to "SPL Token" after receiving the complaint in June.. 🧵
Solscan confirmed on July 7 that the ticker change was made following Circle's brand infringement allegation.
The platform said it received reports that the token "uses copyrighted or trademarked material without authorization"
Just A Circle had a market cap of roughly $450,000 before the complaint.
⚠️ After Solscan revealed Circle's brand infringement allegation, the memecoin's market cap shot up to $15 million before settling back down to just under $1 million.
When Circle went public on the @NYSE with the $CRCL ticker, many traders accidentally bought shares in Corcel PLC, an oil investment firm that shared the same ticker.
The confusion caused Corcel's stock price to soar by 16,689% on Circle's listing day 👇
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