🥊 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 👇