The Doodles NFT collection saw a big jump in trading activity, hitting $16 million in weekly volume after announcing its new Solana-based memecoin, $DOODS.
This was the second-biggest trading spike for Doodles, following a $24 million surge when Pudgy Penguins launched its $PENGU token. After the announcement, Doodles’ floor price peaked at 6.3 ETH before settling around 4 ETH. Despite this spike, major Ethereum NFTs have averaged only $46 million in total weekly trading volume recently.
More Ethereum NFT projects are launching tokens on Solana. Doodles follows Pudgy Penguins ($PENGU) and Azuki ($ANIME) in this trend. The team said 68% of $DOODS tokens will go to the community, but they haven't shared details on how it will be distributed yet.
However, past token launches have struggled. $PENGU lost 69% of its value in 30 days, while $ANIME dropped 40%, despite strong early interest and trading spikes.
Doodles also announced leadership changes, with founder Burnt Toast becoming CEO in January 2024.
NFT projects are turning to Solana for tokens because it's cheaper to trade there compared to Ethereum, which has high transaction fees. Solana also has an active memecoin community, offering more liquidity and engagement. This allows projects to keep their premium NFTs on Ethereum while benefiting from the excitement around memecoins on Solana.
However, as more projects follow this strategy, token values seem to drop over time, suggesting the hype may not last forever.
