Doodles, an Ethereum-native NFT brand, launched its DOOD token on Solana with plans to bridge to Base, an Ethereum layer-2. Despite general excitement over the launch, it catalyzed a nearly 60% decline in Doodles NFT prices. Sales volume exploded almost immediately following release. The market capitalization of all DOOD tokens deflated significantly shortly thereafter.
Doodles first announced the token launch back in February, sharing plans to mint 10 billion DOOD tokens on the Solana network. The project’s goal is to eventually bridge these tokens to Base.
Subsequently, the price of Doodles NFTs saw a significant drop. OpenSea data indicates that collectibles dropped below 1.5 Ether per NFT on May 9. That represents a serious plunge of about 60% from about 3.5 ETH on May 8. According to CoinGecko data, Doodles NFTs are worth a total of about $31 million.
Even with the price decline, Doodles was still seeing about $2.6 million in combined sales volume over the last week. According to new CryptoSlam data, this marks an increase of over 350% from last week.
In many ways, the performance of the DOOD token served as a microcosm for the market as a whole. And DexScreener noted the dramatic decrease of the token’s market capitalization. It plummeted from over $100 million shortly after this launch to about $60 million as of May 9th. Doodles is the second-largest Ethereum-native NFT brand to launch a token on the Solana network.
