The crypto asset poopcoin (POOP), recently airdropped, already has a market capitalization of over $12 million, as well as trading volumes close to $20 million. The token was launched a few hours ago by Jordan Castro, aka Poopie, who is a co-founder of the non-fungible token (NFT) project Doodles. The asset went directly to the owners of those collectible tokens.
According to Dexscreener data, this asset is trading for just $0.014. However, its market capitalization and sales are have increased significantly.
At the close of this report, the capitalization of POOP, which reflects the total value of this asset in the market, is USD 12.6 million, approximately. While its trade or sales volume is USD 18 million, according to Dexscreener.
The capitalization of poop, which reflects the total value of this asset on the market, is USD 12.6 million. Source: Dexscreener. Since the token launch at least 12,500 transactions have been made, with more than 7,000 purchase operations and about 5,300 sales. The liquidity of the asset, meanwhile, is approximately USD 1 million. The token, created on Base, the second layer Ethereum network designed by Coinbase, was announced on X last Saturday, March 30. For the launch of his token, Castro cited a writing by Vitalik Buterin, the co-founder of Ethereum. In his text, the Russian-Canadian computer scientist criticizes offensive memecoins and defends projects that, according to him, contribute to the ecosystem. “Memecoins are $poop,” said Castro, in clear irony of Buterin's position. On the Mirror blog, Poopie also introduced the token, which refers to feces. There he warned that It is a symbolic project and, therefore, “it is not intended to be an investment.”
“There is absolutely no promise or guarantee of anything. This could well be worth less than zero, like a pile of fresh, steaming manure,” she said.
“Beware of the wealth effect”
The millionaire market capitalization and trading volume of the POOP memecoin recalls the warning of Matt Hougan, the chief investment officer (CIO) of Bitwise. He warns of the “wealth effect” of bitcoin (BTC) which, as a consequence of the bull market, can be transferred to alternative crypto assets. In Hougan’s view, there are already “many terrible cryptocurrency projects being funded in exuberant bull markets.” With some cases “at crazy valuations” in the market.
For this reason, he believes that, although there are large projects on the market, “not everything that increases in price” should be adopted by cryptocurrency investors.