Key Highlights:
- The new DOOD token, launched by the Ethereum-based NFT project Doodles, saw its market cap drop over 40% following its May 9 airdrop.
- The token was launched on Solana as part of a cross-chain expansion strategy.
- The value of the Doodles NFT collection also fell by approximately 60%.
- The market reacted negatively, with analysts calling the event “disappointing.”
What Happened to the DOOD Token?
Following the May 9 airdrop:
- DOOD’s market cap fell from over $100 million to around $60 million, according to DEX Screener.
- Many users on X (Twitter) labeled the token “underwhelming,” despite the pre-launch hype.
- Analysts noted that such declines are common after airdrops, as users tend to sell immediately after receiving free tokens.
The Value of Doodles NFTs Also Plummeted
- The floor price of NFTs from the main Doodles collection dropped from ~3.5 ETH to under 1.5 ETH within 24 hours.
- The collection’s total value is now estimated at $31 million, according to CoinGecko.
- Prior to the airdrop, Doodles NFT trading volume surged 97%, reaching $2.6 million for the week — a 350% increase over the previous week.
Doodles Is Not the Only NFT Project to Crash Post-Airdrop
- In December 2024, Pudgy Penguins launched their PENGU token on Solana, which also dropped 50% on airdrop day.
- Although PENGU once reached a $2.8 billion market cap, it currently trades around $900 million.
What’s Next for DOOD?
- Doodles announced plans to migrate the token to Base, an Ethereum Layer-2 solution, once DOOD stabilizes on Solana.
- A total supply of 10 billion tokens is planned, though it remains unclear how many were distributed in the first airdrop.
Conclusion:
The market does not forgive hype without delivery. Despite a strong brand and NFT base, Doodles is repeating the same mistakes as other Web3 projects — short-term euphoria followed by sharp decline.
Following the rise and fall of Pudgy Penguins and their PENGU token, DOOD will need to build real-world use and regain trust if it hopes to recover its lost value.
Frequently Asked Questions
Find answers to the most common questions below.
Many users sold their giveaway tokens immediately, leading to price pressure and a drop in market capitalization of over 40%.
The price of the NFT from the collection dropped from 3.5 ETH to under 1.5 ETH within a day as users tried to profit before the declines.
The project plans to bridge-not DOOD from Solana to the Ethereum Layer-2 Network Base, with the goal of better compatibility and scalability.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
