Jordan Castro, also known as Poopie, co-founder of Doodles, has recently launched a memecoin called Poopcoin, with the ticker $poop.
In just ten hours since its release, the memecoin has already seen a trading volume of nearly $60 million. However, its market cap of approximately $7 million has been rapidly declining throughout the day.
Poopie introduced the coin on X, quoting Vitalik Buterin's recent blog post discussing the memecoin ecosystem.
Buterin praised projects that bring positive contributions to the ecosystem while condemning intentionally offensive memecoins.
The memecoin was airdropped to Doodles NFT holders and early adopters, including those who minted an original Doodle, even if they have sold the NFT since then.
Poopie warns that the memecoin could potentially be worth less than zero, likening it to a fresh pile of dung.
The coin was created on Base, the Ethereum Layer 2 network developed by Coinbase.
Immediately after Poopie's announcement, two wallets acquired over 36% of the total supply of the memecoin, surpassing the 15% allocation intended for community members and early adopters as reported by blockchain analytics firm Bubblemaps.
One of the wallets managed to purchase 23.5% of the coin's supply and still holds 20% across 95 wallets.
According to data shared by Bubblemaps with The Block, this wallet has already made a profit of $450,000.
