Understanding 💩coins

Breaking down $DOODOO and more

Bitcoin and Ethereum have been soaring recently, hitting $1.3 trillion and $450 million market caps respectively. But all of that good news at the top of the crypto food chain doesn’t capture the whole picture. There are literally tens of thousands of cryptocurrencies and tokens, and many of the most interesting stories happen at the smaller end of the spectrum.

Last year we covered $PEPE, a memecoin named for the famous cartoon frog meme. It had a meteoric rally propelled by Crypto Twitter, Elon Musk, and a rabid fanbase. After a sharp peak in April 2023, its value has actually held relatively stable since, illustrating that the biggest memecoins need to be taken seriously by the space.

But what about 💩coins? These lewdly-named tokens are roughly interchangeable with memecoins and altcoins, with small market caps and wild price swings. But their unapologetic lack of utility, enthusiastic supporters, and often nakedly self-promotional backers put them in a rarified air. The Memiest of Memcoins, the Altest of Altcoins. So, let’s break down the world of s**tcoins, including the very first one on Aptos: DooDooCoin

What is a s**tcoin?

Investopedia describes a 💩coin as “ a cryptocurrency with little to no value or no immediate, discernible purpose.” While the term is obviously pejorative, it has been embraced by the crypto community at large. Many currently crack the top 100 tokens by market cap: Dogecoin (9), Shiba Inu (10), Pepe (45), Bonk (61), and more.

The very first one was actually called S**tcoin. It humorously launched via a “toiletpaper” (instead of a whitepaper) to mock the pretentiousness of crypto. . The token launched on Binance Smart Chain with a supply of 21 million. The market cap today is around $110,000. Eventually, the ecosystem came to include “NFTurds”, physical merch, a referral program, staking, and more.

But how do you know a 💩coin from a memecoin or altcoin, since many small cryptocurrencies have little utility. It’s a soft, imperfect definition, but it ultimately boils down to two factors: how proudly the token claims its uselessness; and the rabidity of speculation surrounding it. All cryptocurrencies carry risk, but 💩coins are the riskiest and most volatile of all.

DooDoo

The 💩coin revolution has now come to Aptos with the launch of DooDoo ($DOODOO). Proudly billed as the “first true 💩coin on Aptos.”

At time of writing, DooDoo is valued at $1.02. The floating supply (the amount liquid on the market) is $4.2 million and fully diluted value (the market cap if every coin were minted at the current price) is $42.8 million. This makes DooDoo the 10th biggest token on Aptos, according to CoinMarketCap.

Since its inception in late January, DooDoo has enjoyed a steady rise in token price and individual holders, currently at 1972, suggesting it has been eagerly adopted by the Aptos community. DooDoo can only be traded on Liquidswap, reflecting its commitment to the Aptos ecosystem.

Reading the volume chart (the smaller gray graph below), we can see somewhat inconsistent volume, with peaks corresponding to its biggest price jumps. After all, the trading price can’t go up without trades! The first significant peak came just after launch around February 1, with 24-hour volumes of $135,000 doubling the price to $.24. Then, on February 26th, volumes surged to nearly $300,000, corresponding with a large jump up to $1. Volumes hovered around $100,000 per 24 hours for the next few weeks as prices fell. But the price surged back up to $1 on March 7 with new record volume.

DooDoo has been posted by a very active Twitter community, including an official page which posts memes daily.

User Sadogee Nakamoto published a manifesto on the strengths of DooDoo, bolstered by Aptos itself, which got more than 700 likes. They argued that Aptos’s community has high potential for growth, with elite safety, builders, and memes.

Have you aped into $DOODOO yet? Remember, memecoins often carry high risk and are prone to volatility. Always do your own research, use a self-custodial wallet, and never risk more than you can afford to lose. We’ll keep you updated on everything Aptos, so make sure to follow!

About Pontem

Pontem is a product development studio building for Aptos and the Move ecosystem. Pontem products include:

• Lumio - the first Layer 2 Aptos VM + EVM
• Liquidswap - the first Aptos DEX
• Pontem Wallet - the leading Aptos wallet
• and more!