In the fast-paced realm of cryptocurrency, new coins and tokens emerge on a regular basis. One of the latest additions to the scene is Poopcoin, created by Jordan Castro, also known as Poopie. Launched just a mere ten hours ago, Poopcoin has already generated a staggering $60 million in trading volume. Despite this initial success, the current market cap stands at a modest $7 million.
The concept behind Poopcoin was sparked by Vitalik Buterin’s critique of memecoins in a recent blog post. In contrast to deliberately offensive memecoins, Poopie positions Poopcoin as a project designed to bring value and positivity to the crypto community. What sets this particular launch apart is Poopcoin’s airdrop to Doodle NFT holders and early adopters. Holders of an original Doodle NFT, regardless of whether they still own it or not, were eligible to receive Poopcoin at no cost.
Understanding Poopcoin
Poopcoin is a memecoin built on the Ethereum Layer 2 network Base by Coinbase. However, it is essential to note that Castro has issued a word of caution, suggesting that Poopcoin could potentially have a value less than zero. This serves as a stark reminder of the inherent volatility and risk associated with investing in any form of cryptocurrency.
Following the airdrop announcement, two wallets swiftly acquired over 36% of Poopcoin’s total supply, surpassing the intended 15% distribution to community members and early supporters. One of these wallets currently controls 20% of the supply spread across 95 wallets and has already reaped profits amounting to $450,000. These developments have sparked widespread discussions in the crypto sphere, with some hailing the potential of Poopcoin while others advise caution.
Looking Towards the Future
As the buzz around Poopcoin continues to grow, only time will reveal the long-term prospects of this memecoin. Meanwhile, Doodle NFT holders and early supporters can take pleasure in their airdropped Poopcoin and remain vigilant for any updates or advancements from Poopie and his team. The future trajectory of Poopcoin remains uncertain, but its entry into the cryptocurrency arena has undeniably left a mark on the industry’s landscape.