Doodles' NFT token stalled after airdrop

According to DEX Screener, following the anticipated airdrop, the market capitalization of the DOOD token dropped by about 40% on May 9.

The newly launched DOOD token from the Doodles NFT project based on Ethereum saw a sharp decline in market capitalization following the airdrop on May 9 on the Solana network.

According to data from DEX Screener, the market capitalization of DOOD fell from over $100 million right after launch to about $60 million at the time of writing.

Overall, this long-awaited airdrop was “certainly not very impressive,” a cryptocurrency commentator noted in a post on May 9 on X.

NFT values drop

Along with that trend, the value of NFTs in the flagship Doodle collection dropped sharply on May 9.

Collectibles fell by about 60% to under 1.5 Ether per NFT from about 3.5 ETH on May 8, according to OpenSea. As of May 9, the total value of the NFTs was around $31 million, according to data from CoinGecko.

NFT prices typically drop right after an airdrop, as holders look to capitalize on their allocation by selling into the market. For example, Doodles NFT sales surged by about 97% on May 8 in preparation for the airdrop.

According to data from CryptoSlam, over the past week, Doodles achieved total sales of about $2.6 million, an increase of more than 350% compared to the previous week.

Doodles announced the launch of its token in February, outlining plans to mint 10 billion DOOD tokens on Solana, ultimately connecting them to Base, Ethereum's second layer. #Doodles