The newly launched DOOD token from Ethereum-based NFT undertaking Doodles has seen a steep drop in market capitalization following its Could 9 airdrop on the Solana community.
According to information from DEX Screener, DOOD’s market cap fell from over $100 million shortly after launch to round $60 million on the time of writing.
Total, the much-anticipated airdrop was “[d]efinitely underwhelming,” a crypto commentator said in a Could 9 X submit.
Associated: Doodles NFT sales surge 97% ahead of DOOD token airdrop
Falling NFT values
Becoming a member of the pattern, NFTs in Doodle’s flagship assortment sharply dropped in worth on Could 9.
The collectibles are down roughly 60% to lower than 1.5 Ether (ETH) per NFT from about 3.5 ETH on Could 8, according to OpenSea. As of Could 9, the NFTs are collectively value round $31 million, according to information from CoinGecko.
NFT costs typically dip instantly after an airdrop, as holders look to capitalize on their allocations by promoting into the market. As an example, gross sales of Doodles’ NFTs surged by some 97% on Could 8 in anticipation of the airdrop.
Over the previous week, Doodles clocked roughly $2.6 million in complete gross sales quantity, up greater than 350% from the week prior, in line with data from CryptoSlam.
Doodles introduced its token launch in February, outlining plans to mint 10 billion DOOD tokens on Solana (SOL) and to ultimately bridge them to Base, an Ethereum layer-2.
Doodles is the most recent Ethereum-native NFT model to record a token on the Solana community. It follows Pudgy Penguins, a fair bigger NFT undertaking that airdropped its PENGU token on Solana in December.
Equally to Doodles, Pudgy Penguin’s token dropped by around 50% on the day of its airdrop.
The PENGU token’s market cap reached an all-time excessive of roughly $2.8 billion and has since traded right down to roughly $900 million, according to CoinGecko.
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