Summary
TLDR: The co-founder of Doodles NFT brand released a surprise POOP token, causing excitement and controversy as some traders snapped up a sizable chunk of supply before the announcement. The token was airdropped to Doodles stakeholders, but some outside traders benefited more. One prominent NFT collector admitted to buying up a significant amount of POOP before the announcement. The token’s value has since plummeted.
Key Points
1. The co-founder of popular NFT brand Doodles released a surprise POOP token over the weekend, adding to the ongoing meme coin frenzy in the crypto market.
2. The launch of the POOP token sparked excitement and controversy, as a significant portion of the total supply was quickly acquired by “snipers,” leading to accusations of insider trading.
3. Despite the connection to the Doodles brand, the POOP token had no official relationship with Doodles, and airdropped tokens were quickly worth millions of dollars, with some traders benefiting significantly from the launch.