{"id":128954,"date":"2025-05-09T23:16:10","date_gmt":"2025-05-09T23:16:10","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128954"},"modified":"2025-05-09T23:16:10","modified_gmt":"2025-05-09T23:16:10","slug":"doodles-nft-token-stalls-after-airdrop","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128954","title":{"rendered":"Doodles NFT token stalls after airdrop"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe newly launched DOOD token from Ethereum-based NFT project Doodles has seen a steep drop in market capitalization following its May 9 airdrop on the Solana network.<br \/>\nAccording to data from DEX Screener, DOOD\u2019s market cap fell from over $100 million shortly after launch to around $60 million at the time of writing.<br \/>\nOverall, the much-anticipated airdrop was \u201c[d]efinitely underwhelming,\u201d a crypto commentator said in a May 9 X post.\u00a0<br \/>\nDOOD token performance on May 9. Source: DexScreenerRelated: Doodles NFT sales surge 97% ahead of DOOD token airdrop<br \/>\nFalling NFT values<br \/>\nJoining the trend, NFTs in Doodle\u2019s flagship collection sharply dropped in value on May 9.<br \/>\nThe collectibles are down roughly 60% to less than 1.5 Ether (ETH) per NFT from about 3.5 ETH on May 8, according to OpenSea.\u00a0As of May 9, the NFTs are collectively worth around $31 million, according to data from CoinGecko.<br \/>\nThe price of Doodles NFTs dropped by roughly 60% after the airdrop. Source: OpenSeaNFT prices often dip immediately after an airdrop, as holders look to capitalize on their allocations by selling into the market. For instance, sales of Doodles\u2019 NFTs surged by some 97% on May 8 in anticipation of the airdrop.<br \/>\nOver the past week, Doodles clocked roughly $2.6 million in total sales volume, up more than 350% from the week prior, according to data from CryptoSlam.<br \/>\nDoodles announced its token launch in February, outlining plans to mint 10 billion DOOD tokens on Solana (SOL) and to eventually bridge them to Base, an Ethereum layer-2.<br \/>\nDoodles is the latest Ethereum-native NFT brand to list a token on the Solana network. It follows Pudgy Penguins, an even larger NFT project that airdropped its PENGU token on Solana in December.\u00a0<br \/>\nSimilarly to Doodles, Pudgy Penguin\u2019s token dropped by around 50% on the day of its airdrop.\u00a0<br \/>\nThe PENGU token\u2019s market cap reached an all-time high of roughly $2.8 billion and has since traded down to roughly $900 million, according to CoinGecko.<br \/>\nMagazine:\u00a0Crypto has 4 years to grow so big \u2018no one can shut it down\u2019: Kain Warwick, Infinex<a href=\"https:\/\/cointelegraph.com\/news\/doodles-nft-token-stalls-after-airdrop?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe newly launched DOOD token from Ethereum-based NFT project Doodles has seen a steep drop in market capitalization following its May 9 airdrop on the Solana network. According&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128954"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128954"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128954\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128954"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}