The recently launched DOOD token from the Ethereum-based NFT project Doodles has experienced a significant sharp decline drop in market capitalization after its May. 9 airdrop on the Solana network.
According to DEX Screener data, DOOD’s market cap dropped from over $100 million right following its launch to about $60 million as of now.
A crypto commentator shared on May. 9 that the highly anticipated airdrop was “definitely underwhelming.” Additionally, NFTs from Doodle’s main collection saw a significant drop in value, following the recent trend.
Massive sell-off hits Doodles NFTs after airdrop
The collectibles have fallen about 60%, dropping from around 3.5 ETH per NFT on May. 8 to less than 1.5 ETH, according to OpenSea. As of May. 9, the total worth of these NFTs is approximately $31 million, based on data from CoinGecko.
NFT prices usually drop right after an airdrop. Holders try to sell their allocations and cash in. For example, sales of Doodles NFTs spiked on May. 8 by around 97% in anticipation of the airdrop.
The firm saw a massive surge in sales in the last week, reaching about $2.6 million. CryptoSlam data shows that the surge marks an increase of over 350% compared to the previous week.
Doodles joins Solana with DOOD token launch
Doodles announced in February that it would launch its token, planning to mint 10 billion DOOD tokens on Solana and later bridge them to Base, an Ethereum layer-2.
Doodles is the latest Ethereum-based NFT brand to launch a token on the Solana network, following the largest NFT project, Pudgy Penguins. The project airdropped its PENGU token on Solana in December.
Similar to Doodles, Pudgy Penguin’s token dropped by around 50% on the day of its airdrop. The PENGU token’s market value peaked at about $2.8 billion, but it’s since dropped to around $900 million, according to CoinGecko.
