Poopcoin is not an April Fool’s joke, the new ‘shitcoin’ is immediately worth millions

You read the title correctly and it is not an April Fool’s joke. A new memecoincalled poopcoin (POOP), launched last weekend.

The literal shitcoin became worth millions immediately after launch after traders bought the coin en masse.

New memecoin: poopcoin (POOP)

The current memecoin craze does not seem to be over yet. Doodles is a popular NFT project from Jordan Castro, also known online as ‘Poopie’.

Last weekend, Castro suddenly launched a new memecoin called poopcoin with the ticker POOP. Despite the name or perhaps because of the name, the new coin immediately achieved a trading volume of $70 million.

The memecoin was launched on Base, the new layer-2 network for Ethereum (ETH) developed by Coinbase, the major American cryptocurrency exchange. Castro announced the cryptocurrency in a https://twitter.com/poopie/status/1774042347036197226?s=20 to a Twitter message from Ethereum founder Vitalik Buterin about memecoins.

Snipers scoop up poopcoin

The memecoin was given away via an airdrop to owners of Doodles NFTs, but surprisingly, these owners were not the big winners, reports https://twitter.com/bubblemaps/status/1774156063266296049?s=20.

According to Bubblemaps, the Doodles community received approximately 13.4% of the total offer worth $3 million.

It reports that so-called ‘snipers’, traders who specialize in moving quickly to take advantage of market opportunities, often using automated bots, had snapped up a noticeably large portion of the supply.

One sniper had bought about 15% of the supply outright, while another sniper had bought as much as 23.5% worth $5 million, Bubblemaps says.

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Memecoins remain dangerous

However, in the past 24 hours, the value of the poop coin has fallen sharply again. POOP is over 62% in the red today and has a value of $0.006584 at the time of writing.

The total market capitalization currently stands at $6.6 million. That means that 24 hours ago it had a market cap of about $18 million.

Memecoins can sometimes rise rapidly in value, but they often also tend to fall just as rapidly in value. The project itself admits that it may not be worth anything at all:

“WE ARE NOT A TOKEN PROJECT. This is not intended as an investment. There is absolutely no promise or guarantee for anything. This could very well be worth less than zero, like a fresh, steaming pile of manure.”

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