Newly launched by Ethereum-based NFT project Doodles, Dood Token has seen a sharp drop in market capitalization following the May 9 airdrop on the Solana Network.
According to data from Dex Screener, Dood’s market capitalization fell from over $100 million shortly after its release to about $60 million at the time of writing.
Overall, the much-anticipated airdrop was “(d)efinitely overwhelming,” the crypto commentator said in the X-Post on May 9th.
Related: doodles nft sales surge 97% dood token airdrop beyond
Decreased NFT values
Joining the trend, the NFT of Doodle’s flagship collection fell sharply on May 9th.
According to Opensea, the collections are 1.5 ether (ETH), down about 60% per NFT from around 3.5 ETH on May 8th. As of May 9th, NFT was worth around $31 million, according to Coingecko data.
NFT prices are often soaked right after an airdrop as holders try to take advantage of the allocation by selling to the market. For example, sales of Doodles’ NFTs skyrocketed by around 97% on May 8 in anticipation of airdrops.
Last week, Doodles recorded approximately $2.6 million in total sales, up over 350% from the previous week, according to data from Cryptoslam.
Doodles announced the release of the token in February, outlining plans to fill Solana (SOL) with 10 billion Dood tokens and ultimately bridge the base, which is Ethereum Layer 2.
Doodles is the latest Ethereum-Native NFT brand that lists tokens in the Solana network. It follows Pudgy Penguins, an even bigger NFT project that air-dropped Penguins in Solana in December.
Like Doodles, Pudgy Penguin’s tokens fell by about 50% on airdrop day.
According to Coingecko, Pengu Token’s market capitalization reached an all-time high, and has since come to about $900 million.
magazine: Crypto takes 4 years to big growth “no one can close it”: Kain Warwick, Infinex
