The new DOOD token from the Ethereum-based NFT project Doodles has seen a significant drop in market value after its May 9 airdrop on the Solana network.
Data from DEX Screener shows that DOOD’s market cap dropped from over $100 million shortly after its launch to around $60 million.
A crypto commentator on X (formerly Twitter) called the airdrop “underwhelming.”
Doodles NFTs also lost value on May 9. The price of these collectibles fell by about 60%, dropping from 3.5 ETH (around $8,200) on May 8 to less than 1.5 ETH (around $3,500) per NFT. As of May 9, the total value of the NFTs dropped to around $31 million, according to CoinGecko data.
It's common for NFT prices to fall right after an airdrop, as people sell their tokens. For example, sales of Doodles NFTs jumped by 97% on May 8 ahead of the airdrop.
In the past week, Doodles had $2.6 million in total sales, up 350% from the previous week, according to CryptoSlam.
Doodles announced the token launch in February, planning to mint 10 billion DOOD tokens on Solana and later move them to Base, an Ethereum layer-2 network.
Doodles is the latest Ethereum-based NFT project to release a token on Solana, following Pudgy Penguins, which airdropped its PENGU token in December. Like DOOD, PENGU's value dropped by around 50% on its airdrop day. PENGU’s market cap reached $2.8 billion at its peak but is now worth around $900 million, according to CoinGecko.
