The freshly released DOOD token from Ethereum-based NFT task Doodles has actually seen a high drop in market capitalization following its May 9 airdrop on the Solana network.
According to information from DEX Screener, DOOD’s market cap fell from over $100 million soon after launch to around $60 million at the time of composing.
In general, the much-anticipated airdrop was “[d] efinitely underwhelming,” a crypto analyst stated in a Might 9 X post.
Related: Doodles NFT sales rise 97% ahead of DOOD token airdrop
Falling NFT worths
Signing up with the pattern, NFTs in Doodle’s flagship collection greatly dropped in worth on Might 9.
The antiques are down approximately 60% to less than 1.5 Ether (ETH) per NFT from about 3.5 ETH on Might 8, according to OpenSea. Since May 9, the NFTs are jointly worth around $31 million, according to information from CoinGecko.
NFT costs frequently dip instantly after an airdrop, as holders want to take advantage of their allotments by offering into the marketplace. For example, sales of Doodles’ NFTs rose by some 97% on Might 8 in anticipation of the airdrop.
Over the previous week, Doodles clocked approximately $2.6 million in overall sales volume, up more than 350% from the week prior, according to information from CryptoSlam.
Doodles revealed its token launch in February, describing strategies 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 brand name to note a token on the Solana network. It follows Pudgy Penguins, an even bigger NFT task that airdropped its PENGU token on Solana in December.
Likewise to Doodles, Pudgy Penguin’s token come by around 50% on the day of its airdrop.
The PENGU token’s market cap reached an all-time high of approximately $2.8 billion and has actually given that traded down to approximately $900 million, according to CoinGecko.
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