- Doodles co-founder Jordan Castro launched a meme token called POOP on Ethereum’s Base network
- Two wallets sniped and accumulated 38% of the entire POOP token supply before Castro announced the launch
- The POOP token price has plummeted nearly 65% in the last 24 hours
The co-founder of popular NFT brand Doodles recently launched a surprise meme coin called POOP on the Ethereum scaling network Base. The token was airdropped to Doodles stakeholders, but two wallets quickly snapped up over a third of the supply before the announcement. This sparked accusations of unfair advantages. Meanwhile, POOP’s price has since crashed.
Doodles Co-Founder Launches Poopcoin
On Saturday, Doodles co-founder Jordan “Poopie” Castro announced in a blog post that he created a meme coin called POOP with little inherent value. He airdropped tokens to various Doodles stakeholders like NFT holders and community treasury participants. Despite Castro’s role with Doodles, POOP has no official connection to the brand.
Two Wallets Grab Over a Third of Supply
Within minutes of the stealth launch, two wallets acquired over 38% of the total supply before Castro even announced the token. One wallet sniped 23.5% while the other grabbed 15%. The combined value of their holdings was around $8 million, far more than the total airdropped to the community.
Accusations of Unfair Advantages Arise
This imbalance led to accusations that the two large holders had some unfair advantage or insider information. However, prominent NFT collector Pranksy soon claimed responsibility for one of the big POOP buys. They said Castro had actually airdropped POOP 40 minutes before announcing it. Pranksy checked the token ID, then bought a large amount as soon as the price spiked.
POOP Price Crashes
Pranksy’s explanation revealed that Castro’s “experiment in flinging poop” resulted in very uneven distribution. Meanwhile, POOP’s price has since plunged around 65% and is now trading below half a cent per token.
Conclusion
The surprise launch of Doodles-related meme token POOP by co-founder Jordan Castro sparked brief excitement followed by accusations of unfair advantages. Two wallets snapped up over a third of the supply before the announcement, but one big buyer was revealed to be NFT whale Pranksy. However, the token’s lopsided distribution and subsequent price crash shows that not all community members benefited equally from Castro’s “poop flinging” experiment.
