Doodles Co-Founder's POOP Token Launch Rocked by Insider Trading Allegations

Decipher's Art, Fashion, and Entertainment Hub. Unveiling the SCENE. In the evolving landscape of the crypto market, the enduring popularity of meme coins continues to thrive. Jordan "Poopie" Castro, co-founder of the sought-after Doodles NFT brand, surprised the community by introducing the novel POOP token, sparking enthusiasm but also controversy. A significant portion of the total supply was swiftly acquired by "snipers," raising suspicions of insider trading. Despite Castro's association with Doodles and the token's distribution within the ecosystem, POOP lacks any official connection to Doodles, a clarification that initially perplexed certain members.

Doodles Co-Founder's Poopcoin Launch Raises Concerns Over Insider Trading

In a move that has ignited both excitement and controversy within the crypto community, Jordan "Poopie" Castro, co-founder of the popular Doodles NFT brand, has released a surprise meme coin dubbed POOP. The token's airdrop to over 14,000 Doodles stakeholders sparked a flurry of trading activity, but allegations of insider trading and sniper bots have cast a shadow over the launch.

Upon Poopcoin's debut on Base, Coinbase's Ethereum scaling network, Castro emphasized its lack of inherent value beyond its association with feces: "This could very well be worth less than zero, like a fresh, steaming pile of dung." Despite Castro's tongue-in-cheek disclaimer, the airdropped POOP tokens surged in value, collectively reaching $3 million within minutes.

However, an analysis by on-chain data firm Bubblemaps revealed that the biggest beneficiaries of the launch were not the Doodles community members who received the airdrop. Within seconds of Poopcoin's release, two wallets had seized over a third of the entire token supply.

One of these wallets managed to "snipe" a staggering 23.5% of the supply before Castro even announced the token's existence. This bounty, which was swiftly distributed across 54 on-chain addresses, was valued at approximately $5 million – significantly more than the total value of the POOP airdrop to all Doodles community members.

The other wallet, which acquired 15% of the POOP supply before Castro's announcement, accumulated a bag of tokens worth roughly $3 million. These lopsided allocations raised suspicions among Crypto Twitter users, who speculated that the two beneficiaries had received some form of unfair advantage or insider knowledge.

The allegations gained traction when one of the snipers, who identified themselves as prominent pseudonymous NFT collector Pranksy, admitted to making the large purchase 40 minutes before Castro's announcement. Pranksy explained that they had observed the token's ID and purchased as much as they could once its price started to rise.

Pranksy's revelation has raised questions about the fairness of Poopcoin's launch and whether insiders may have benefited from advance knowledge of the token's release. Despite concerns over insider trading, the token's value has plummeted by nearly 65% in the past 24 hours, currently trading at less than half a cent per token.

The Doodles community has expressed a range of reactions to the Poopcoin launch, with some praising Castro's humorous stunt while others have voiced concerns over the allegations of insider trading. The incident underscores the challenges of regulating meme coin markets and the potential for exploitation within the crypto space.