Doodles' DOOD Token Plunges Post-Airdrop
Doodles DOOD Token: A Post-Airdrop Market Analysis
The recent airdrop of the DOOD token by the Ethereum-based NFT project, Doodles, on the Solana network on May 9th, resulted in a sharp decline in its market capitalization. Data from DEX Screener shows a drop from over $100 million shortly after launch to approximately $60 million.
This underwhelming performance was noted by a crypto commentator on X, who described the airdrop as "definitely underwhelming." The event coincided with a significant drop in the value of Doodles' flagship NFT collection, falling roughly 60% to less than 1.5 ETH per NFT from approximately 3.5 ETH on May 8th, according to OpenSea. This represents a collective value of around $31 million, based on CoinGecko data.
NFT Market Reactions and Prior Trends
While a post-airdrop price dip is common as holders sell their allocations, the magnitude of the drop for DOOD is notable. The anticipation leading up to the airdrop saw Doodles NFT sales surge by approximately 97% on May 8th, according to data from CryptoSlam. This surge likely contributed to the subsequent price correction.
This situation echoes the experience of Pudgy Penguins, another major NFT project that saw its PENGU token drop by around 50% on its airdrop day. While PENGU’s market cap initially reached $2.8 billion, it has since fallen to approximately $900 million (CoinGecko data).
Doodles, having announced its token launch in February, planned to mint 10 billion DOOD tokens on Solana, with future bridging to Base, an Ethereum layer-2. This strategy reflects a growing trend of Ethereum-native NFT projects exploring other networks.
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