Doodles token struggles post-airdrop
Summary
The DOOD token from the Ethereum-based NFT project Doodles experienced a significant market cap decline from over $100 million to around $60 million following its May 9 airdrop on the Solana network. Doodles NFTs also saw a sharp value drop, decreasing by about 60% to less than 1.5 ETH per NFT. Anticipation of the airdrop led to a 97% surge in NFT sales on May 8. Over the past week, Doodles recorded approximately $2.6 million in sales volume, a 350% increase from the previous week. Doodles plans to mint 10 billion DOOD tokens on Solana and bridge them to Ethereum's Base. Similar trends were observed with Pudgy Penguins' PENGU token.
