Poopcoin Surges in Value to Millions After Airdrop from Doodles Creator
Poopie, also known as Jordan Castro, one of the Doodles co-founders, has recently launched a memecoin called Poopcoin, with the ticker $poop. Within ten hours of its launch, approximately $60 million worth of Poopcoin has been traded, with a market cap of around $7 million that has been decreasing rapidly throughout the day as of 6 pm ET.
Poopie introduced the coin in a quote-post on X in response to Vitalik Buterin’s recent blog post about memecoins, where Buterin criticized intentionally offensive memecoins and praised “high quality fun projects that contribute positively to the ecosystem and the world around them.”
Poopcoin was distributed through airdrops to Doodles NFT holders and other early adopters, including those who minted an original Doodle NFT. The memecoin was created on Base, the Ethereum Layer 2 network developed by Coinbase, with Castro cautioning that it might end up having no value, like a fresh pile of dung.
Following Poopie’s announcement, two wallets acquired over 36% of the total supply of Poopcoin, surpassing the 15% allocated for community members and early adopters, as reported by blockchain analytics firm Bubblemaps.
One wallet that purchased 23.5% of the supply currently holds 20% spread across 95 wallets, and has made profits of $450,000 so far, according to data from Bubblemaps shared with The Block.
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