Poopcoin worth millions following airdrop from Doodles creator

Poopie, the Doodles co-founder also known as Jordan Castro, has released a memecoin named Poopcoin, ticker $poop. Since its launch ten hours ago, as of publishing time at 6 pm ET, nearly $60 million in poop volume has already changed hands, and the memecoin has a market cap of about $7 million, though that figure has been declining rapidly throughout the day. 

Poopie announced the coin on X as a quote-post to Vitalik Buterin's recent blog in which the Ethereum co-founder shared his thoughts on the memecoin ecosystem, condemning intentionally offensive memecoins while praising "high quality fun projects that contribute positively to the ecosystem and the world around them."

The memecoin was airdropped to holders of Doodles NFTs and certain other early adopters, such as anyone who minted an original Doodle, even if they have since sold the NFT. The memecoin , which Castro warns "could very well be worth less than zero, like a fresh, steaming pile of dung," was created on Base, the Ethereum Layer 2 network created by Coinbase. 

In the moments after Poopie's announcement, two wallets managed to purchase over 36% of the coin's total supply, a sum outweighing the 15% allocation for community members and early adopters, according to blockchain analytics firm Bubblemaps. 

One wallet, which managed to purchase 23.5% of the coin's supply, still holds 20% across across 95 wallets. So far, they've realized $450,000 in profits, according to data Bubblemaps shared with The Block.