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The Launch of POOP Token by Doodles NFT Co-Founder
In a recent development indicating the ongoing enthusiasm for meme coins in the cryptocurrency market, the co-founder of the renowned Doodles NFT brand surprised the community by introducing a new token named POOP over the weekend. While this news generated a lot of excitement, it also sparked controversy due to allegations of certain traders exploiting insider information to acquire a significant portion of the token supply.
POOP Token Launch
On Saturday, Jordan “Poopie” Castro, the co-founder of Doodles, revealed the creation of POOP in a blog post. He emphasized that the token held no intrinsic value beyond its association with feces and cautioned potential investors by stating that its worth could potentially plummet to zero. The token was launched on Base, an Ethereum scaling network created by Coinbase and known for its involvement in meme coin trading.
.$poop airdropped to holders of doodles, genboxes, dooplicators, holders of custom 1/1 doodles, doodlebank participants and voters, genesis box burners, doodle minters. Check your wallets on Base and read the post:
— poopie (@poopie) March 30, 2024
Token Distribution
The distribution of Poopcoin included airdrops to various stakeholders within the Doodles ecosystem, such as holders of Doodles, Doodles Genesis Boxes, Dooplicators, and unique Doodles, as well as participants in Doodlebank, the community’s on-chain treasury. Despite the connection to the Doodles brand, it’s important to note that POOP has no official affiliation with Doodles.
Following the launch, a considerable portion of the POOP token supply was quickly acquired by two wallets, raising suspicions of unfair advantage or insider trading. One wallet managed to snatch 23.5% of the total supply, while the other secured 15% before the official announcement.
Controversy and Response
Speculation about the alleged unfair practices surrounding the acquisition of POOP tokens gained momentum on social media platforms. However, one of the wallets involved in the swift acquisition revealed themselves as Pranksy, a prominent NFT collector. Pranksy clarified that they took advantage of an airdrop to Doodles community members before the token was formally announced, enabling them to acquire a significant portion of the tokens.
It arrived in wallets tied to doodles 40 mins before his announcement tweet, I saw my doodles wallets held it and the contract was locked. I loaded the token ID into photon and pressed buy when I saw a green candle
— Pranksy 📦 (@pranksy) March 31, 2024
As a result, POOP’s value has experienced a significant decline, dropping by nearly 65% in the last 24 hours. The current trading price stands at less than half a cent per token, as reported by CoinGecko.
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