Jordan Castro – better known as Poopie, co-founder of the NFT project Doodles – has launched a meme cryptocurrency called Poopcoin ($POOP).

Within ten hours of launch, Poopcoin has seen significant trading, with over $60 million in transactions recorded so far.

Poopcoin operates on the Ethereum Layer-2 network Base, and was introduced through a quote-post on X in response to Ethereum co-founder Vitalik Buterin’s recent opinion post on memecoins. In the post, the Ethereum co-founder discussed the memecoin ecosystem, denouncing deliberately offensive memecoins while applauding “high-quality, enjoyable projects that add value to the ecosystem and the world around them.”

Source: poopie.eth

Poopcoin’s Future Remains Uncertain

The distribution of Poopcoin was primarily conducted through an airdrop to Doodles NFT holders and select early adopters, including individuals who originally minted Doodles but have since sold their NFTs.

Following the release of $POOP, two wallets have managed to acquire over 36% of the total supply of Poopcoin, exceeding the allocation for community members and early adopters. One wallet secured 23.5% of the Poopcoin supply and distributed 20% of it across 95 wallets, realizing profits totaling $450,000 thus far.

Despite its rapid rise, Poopcoin’s future remains uncertain, with Castro cautioning that its value “could very well be worth less than zero, like a fresh, steaming pile of dung.”

POOP is now almost 80% down from since its inception according to CoinGecko.

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