The latest sign that the cryptocurrency market is here to stay meme coin fever A popular co-founder seems hard to break. doodle The NFT brand released a surprise POOP token to community members over the weekend.
This created excitement, but also some controversy. This is because a significant portion of the total supply was quickly seized by “snipers”, sparking accusations of traders manipulating inside information.
On Saturday, Doodles co-founder Jordan “Puppy” Castro announced suddenly blog post What he’s saying is that he’s created a meme coin that has little intrinsic value other than its association with excrement. POOP token has been launched. BaseEthereum scaling network built by Coinbase, which recently became a meme in coin trading hotspot.
“There are absolutely no promises or guarantees of anything.” Castro wrote about POOP. “It could be worth less than zero, like a steaming pile of fresh shit.”
Poopcoin allocations were airdropped to past and present Doodles stakeholders, including holders of affiliated NFTs (Doodles). Genesis Box, replicatorand one-to-one doodles); Publisher of the original Doodles and Genesis Box NFTs; A wallet that participates in the management of Doodlebank, the community’s on-chain treasury.
Despite Castro’s apparent association with the Doodles brand and token airdrops to the entire Doodles ecosystem, POOP has no official relationship with Doodles (a description that initially confused some community members).
Within minutes of POOP’s launch, the value of airdropped POOP tokens was transferred to over 14,000 wallets, totaling $3 million. But members of the Doodles community weren’t the biggest beneficiaries of Castro’s “poop-throwing experiment.” Not even close.
An analysis by the Onchain data firm found that shortly after Poopcoin’s launch, before Castro even announced the token, two wallets accounted for more than a third of the total POOP token supply. bubble map.
To use cryptocurrency terminology, one of those wallets “stole” a whopping 23.5% of the total Poopcoin supply in a matter of seconds, then quickly distributed the bounty to 54 on-chain addresses. At the time, the value of POOP tokens was approximately $5 million. Much more than the total value of POOP airdrops. every I am a member of the Doodle community.
Other wallets snatched up 15% of the total POOP supply before Castro’s announcement, amassing a massive bag of tokens worth around $3 million.
There was a sense that the token launch gave two biased beneficiaries some sort of unfair advantage, or that inside information soon began swirling on Crypto Twitter. However, it wasn’t long before one of the POOP shooters took off his mask. mischiefA renowned household name NFT collector.
When asked by Bubblemaps’ Twitter account how he was able to purchase so many POOPs so quickly, Pransky immediately responded: Forty minutes before Castro announced Poopcoin, the Doodles co-founder wrote that he had already airdropped tokens to Doodles community members.
Pranksy, a Doodles holder, said he simply retrieved the token’s ID and bought as many as he could as soon as the price of the token began to skyrocket a few minutes later. It ended up accounting for 15% of the total token supply.
It turns out it’s not that mysterious. Clearly, Castro’s “shit-throwing experiment” has so far proven that feces do not roll downhill in even distribution. Meanwhile, POOP is down nearly 65% in the last 24 hours. CoinGecko. It is currently trading for less than 0.5 cents per token.
Editor: Andrew Hayward
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