The DOOD token launch was intended to be a culmination of Doodles’ success. This project at one time represented the positive, colorful exuberance that the NFT space was founded upon. Yet rather than be praised for their innovation, the token launch would become a textbook case on how not to launch a token. Unfortunately for DeFi, the price impact has been deeper than the learning curve. At the same time, the market cap lost value faster than a snake losing its skin. Enthusiasm for Bored Apes and Doodles NFTs has plummeted. What a crazy trip it has been! The question today is no longer whether DOOD will bounce back, but whether this misstep has forever damaged the Doodles name.

Data Doesn't Lie, Does It?

Let's look at the numbers. 10 billion DOOD tokens created, 68% allocated to the community – must be a great deal! That first 97% increase in Doodles NFT sales, taking them over $1.1 million, was a sugar high. The market cap then proceeded to collapse in short order from well over $100 million down to around $60 million. Even more dire, Doodles NFTs — which had been holding steady well above 3.5 ETH — sank below the 1.5 ETH threshold. That’s not merely a missed correction; that’s a confidence crisis.

Airdrop recipients dumped their tokens en masse. Think about it: free money is often the first to leave the building. Unfortunately, DOOD had no clear and urgent value-add other than being a glorified memecoin. This is perhaps why it lacked the momentum to hold up under the initial waves of selling pressure. It’s akin to sending a rocket into space without a navigation system.

Royalties on the Line, Right?

The DOOD price becomes directly correlated with the Doodles NFT floor price. This relationship ought to deeply alarm Doodles holders and creators. The DOOD token is intended to fuel the entire Doodles ecosystem. What if that same fuel tank begins to leak?

A low DOOD price sends a clear message that the rest of the Doodles universe is not valuable. If the token is not a result of any real world value creation, then the promise of gamification, governance, and artistic incentives from DOOD token do not hold water. If the incentives are janky, the allure of being a Doodles NFT owner fades away. Consequently, the related royalties do no longer seem attractive.

  • High DOOD Price:
    • Strong Ecosystem
    • Attractive Incentives
    • Healthy Royalties
  • Low DOOD Price:
    • Weak Ecosystem
    • Diminished Incentives
    • Decreased Royalties

All of a sudden, the artist who had supplied Doodles with royalties that they were counting on for their Doodles creations is seeing a much smaller paycheck. The collector who understood the long-term value of their NFT is having second thoughts about their investment. This isn’t simply about a token price, it’s about the long-term viability of the entire Doodles model.

Binance: Savior or Enabler?

The white knight coming in to save the day? Or a more pragmatic transaction aiming to profit from a speculative asset, partnership with unstable fundamentals be damned.

Binance adding $DOOD, even when it had this disastrous launch, doesn’t make a lot of sense. This is an encouraging sign that despite the struggles at the beginning, Binance believes in the potential – or at a minimum, trading volume. Maybe they're betting on the Doodles brand. Perhaps they are trying to entice the AAM new user base to their platform. Or perhaps, just perhaps, they recognize something we missed.

Let's be realistic. A Binance listing is a double-edged sword. It has given retail investors unprecedented liquidity and exposure, but has significantly increased volatility. If DOOD doesn’t live up to the hype, a Binance listing would only hasten its demise. This will serve to get it in front of a much larger audience of potential bagholders.

Think about it this way: it's like giving a drowning man a life raft... made of lead.

South Asia: A Cautionary Tale

As someone who has worked to strengthen ties between South Asian and global crypto communities, in my opinion, the DOOD launch is a wake-up call for new markets. Hundreds of millions in South Asia view cryptocurrency as a scheme to get rich quickly. Too often, they plunge in without understanding the full extent of risks. The DOOD debacle shows us that due diligence matters and that following hype can lead to disaster.

Even a project as popular, ubiquitous, and resource-packed as Doodles are not immune from one glaring misstep. Yet this reality raises some deeply concerning questions for smaller, less established projects. South Asian crypto enthusiasts, don’t give up on the crypto space. More importantly, they should proceed with eyes wide open, a clear understanding of the opportunities and risks, and a healthy skepticism of the promises.

Ultimately, the future of DOOD hinges on whether the Doodles team can rebuild trust, deliver on their promises, and create a compelling use case for the token. After all, while a Binance listing can give a new token a healthy short-term bump, it’s not a magic bullet. It's up to the Doodles team to prove that DOOD is more than just a memecoin – that it's a valuable component of a thriving ecosystem. If so, it would be a sad and cautionary tale. It will serve as a cautionary reminder that even the most promising projects can fail under the weight of hype, bad implementation, and hazy vision.