Poopcoin ($poop) has seen a trading volume of nearly $60 million just ten hours after its launch. Despite having a market cap of around $7 million, it’s been rapidly decreasing. Poopie, also known as Jordan Castro, co-founder of Doodles, introduced the memecoin on the Ethereum Layer 2 network Base created by Coinbase.

The announcement, made via a post on X referencing Vitalik Buterin’s recent blog, has sparked controversy. Buterin condemned intentionally offensive memecoins while praising those contributing positively to the ecosystem.

Poopcoin was airdropped to Doodles NFT holders and early adopters, including minters of original Doodles. Within moments of the announcement, two wallets acquired over 36% of the total supply, overshadowing community allocations. One wallet, now holding 20% across 95 wallets, has realized $450,000 in profits, as per data shared by Bubblemaps.

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