In what appears to be a testament to the enduring allure of meme coins within the cryptocurrency space, this weekend witnessed a surprising move by Jordan “Poopie” Castro, the co-founder of the widely recognized Doodles NFT brand. Castro unveiled to the Doodles community an unexpected creation: the POOP token, a meme coin with a thematic link to the less glamorous aspect of nature, feces.
This unexpected release stirred a mixture of excitement and controversy within the crypto community. Almost immediately, a significant portion of the POOP token supply was snapped up by savvy traders, some of whom were accused of leveraging insider information to gain an advantage.
The announcement, which came abruptly through a blog post, saw the POOP token being launched on Base, an Ethereum scaling solution by Coinbase that has rapidly become a preferred venue for meme coin transactions. Castro was candid about the token’s speculative nature, humorously cautioning that its value could potentially be less than zero, reflecting its humorous fecal theme.
Upon its debut, POOP tokens were airdropped to a wide range of stakeholders within the Doodles ecosystem, covering holders of various related NFTs and participants in the Doodles’ community-led treasury, Doodlebank. Despite the clear link to the Doodles brand and its broad ecosystem, Castro clarified that POOP does not have an official association with Doodles, a distinction that initially caused some confusion within the community.
The launch of the POOP token was met with immediate fervor, as the airdropped tokens reached a collective market value of approximately $3 million in a matter of minutes. However, the distribution of wealth was far from equitable. Before the public announcement, two wallets acquired more than a third of the total POOP supply, leading to speculation about unfair advantages or inside trading. One of these wallets was later revealed to belong to Pranksy, a notable figure in the NFT space, who disclosed having bought into POOP as soon as it became available, securing 15% of the supply.
The rapid series of events surrounding the POOP token launch raises questions about fairness and insider information within the crypto world. As the dust settles, the value of POOP has seen a significant downturn, plunging nearly 65% in just 24 hours, pointing to the volatile and unpredictable nature of meme coins in the digital asset landscape.