The cryptocurrency market is no stranger to new coins and tokens entering the scene. Some gain immediate popularity, while others struggle to gain traction. One particular launch that has recently captured the attention of the crypto community is Poopcoin. Launched by Jordan Castro, also known as Poopie, Poopcoin has already seen an impressive $60 million in volume traded within just ten hours of its release. Despite this initial success, the market cap of Poopcoin currently sits at a much lower $7 million.
The idea for Poopcoin was born out of Vitalik Buterin’s criticism of memecoins in a recent blog post. In contrast to intentionally offensive memecoins, Poopie aims to position Poopcoin as a project that brings value and positivity to the crypto world. What sets Poopcoin apart is the fact that it was airdropped to Doodle NFT holders and early adopters. Even those who no longer own their original Doodle NFT were eligible to receive Poopcoin for free.
Poopcoin is a memecoin built on the Ethereum Layer 2 network Base by Coinbase. However, Castro has stated that Poopcoin may potentially be “worth less than zero,” underscoring the volatility and risk associated with investing in any cryptocurrency. Following the announcement of the airdrop, two wallets quickly accumulated over 36% of Poopcoin’s total supply. This exceeds the intended 15% distribution to community members and early adopters. One wallet now holds 20% of the supply spread across 95 wallets and has already made profits of $450,000.
The launch of Poopcoin has generated mixed reactions within the crypto community. Some are optimistic about its potential, while others are more cautious. Only time will reveal how Poopcoin will perform in the long run. In the meantime, Doodle NFT holders and early adopters can enjoy their airdropped Poopcoin and await any future updates or developments from Poopie and his team. Keep an eye on Poopcoin as it continues to make waves in the cryptocurrency world.
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