The Doodles NFT project, known for its quirky and colorful digital art, has hit a stumbling block following the recent airdrop of its new DOOD tokens. Launched on May 9, 2025, on the Solana network, the tokens initially boasted a robust market capitalization exceeding $100 million. Yet, in a blink, the figures plunged to approximately $60 million, painting a stark picture of investor sentiment. This downturn is not entirely unexpected, given the nuances of the NFT space, but it does raise intriguing questions about the project’s trajectory.
Airdrop Aftermath: Unpacking the Numbers
The airdrop event, which was much anticipated by the community, has been met with mixed reactions. “Definitely underwhelming,” was the sentiment shared by a prominent crypto commentator in a recent X post. The event’s impact rippled through the Doodles ecosystem, with the value of its flagship NFTs plummeting by about 60%. As of May 9, these once-coveted collectibles are valued at less than 1.5 ETH per NFT, a stark contrast to their 3.5 ETH price tag just a day before, according to OpenSea data.
The decline isn’t isolated to Doodles. History shows that NFT values often take a hit post-airdrop as holders rush to liquidate their new assets. This trend was evident as Doodles’ NFT sales surged by a staggering 97% on May 8, just before the airdrop, reflecting a classic pattern of pre-event buying followed by post-event selling. This phenomenon is part of a broader trend in the crypto space, as highlighted in Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1.
The Solana Connection and Industry Trends
Doodles’ decision to launch its token on Solana marks a significant strategic shift. This Ethereum-native NFT brand is following in the footsteps of other projects like Pudgy Penguins, which also chose Solana for its PENGU token airdrop last December. That particular airdrop saw the token’s value halve on launch day, mirroring the DOOD token’s recent performance.
The rationale behind choosing Solana, known for its high throughput and low transaction fees, seems sound on paper. However, the reality suggests a more complex picture, as evidenced by the immediate market reactions. According to CoinGecko, the PENGU token, despite an initial market cap of $2.8 billion, has since dwindled to approximately $900 million, illustrating the volatile nature of token launches on Solana. This volatility is reminiscent of other recent market events, such as those detailed in Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal.
Broader Implications for the NFT Market
This latest development from Doodles adds another layer to the ongoing narrative of the NFT market’s volatility. Over the past week, Doodles recorded around $2.6 million in total sales volume—an increase of more than 350% compared to the previous week, according to CryptoSlam data. Yet, the downward trajectory of both DOOD tokens and Doodles NFTs post-airdrop underscores the risks inherent in speculative markets.
The broader NFT market is undergoing a period of introspection. The rise of layer-2 solutions like Base on Ethereum offers potential pathways for scalability and cost efficiency, but whether these can stabilize token values remains to be seen. Doodles’ plan to eventually bridge its tokens to Base is a step toward addressing these issues, but success is far from guaranteed.
What Lies Ahead?
As the dust settles, one can’t help but wonder about the future of the Doodles project. With the NFT space evolving rapidly, the coming months will be crucial for Doodles’ strategic maneuvers. Will the decision to use Solana pay off in the long run, or will it necessitate a course correction?
For now, investors and enthusiasts alike are left with a mix of hope and skepticism. The NFT market, with its blend of art, technology, and finance, continues to be a hotbed of innovation and risk. As such, it’s a space that demands vigilance and a readiness to adapt to its ever-changing landscape.
Source
This article is based on: Doodles NFT token stalls after airdrop
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
