Doodles NFT Token Plummets After Airdrop Amid Broader Market Uncertainty

DOOD Token Drops 40% After Solana Airdrop, NFT Floor Prices Follow

The DOOD token, launched by Ethereum-native NFT project Doodles on May 9, saw its market capitalization plunge by approximately 40% shortly after its airdrop on the Solana network. According to DEX Screener, DOOD’s market cap dropped from over $100 million post-launch to just around $60 million at the time of writing.

DOOD token performance on May 9. Source: DexScreener

Initial market reactions have been lukewarm, with one crypto commentator calling the airdrop “definitely underwhelming” in a May 9 X post.

Doodles NFTs Lose Value as Holders Sell Amid Token Drop

Alongside the DOOD token slump, Doodles NFTs also experienced a sharp decline in value. The floor price fell nearly 60%, from around 3.5 ETH to under 1.5 ETH within a day, according to OpenSea data. The collection’s market value now sits around $31 million, per CoinGecko.

The decline was preceded by a surge in NFT trading volume, up 97% on May 8 alone, as holders prepared for the token distribution. Over the past week, total Doodles sales volume rose more than 350% to approximately $2.6 million, according to CryptoSlam.

The price of Doodles NFTs dropped by roughly 60% after the airdrop. Source: OpenSea

Doodles Joins Growing Trend of NFT Projects Airdropping on Solana

The DOOD token marks Doodles’ foray into the Solana ecosystem, with plans to mint a total of 10 billion tokens and eventually bridge to Base, an Ethereum layer-2 network. This move mirrors strategies by other major NFT brands like Pudgy Penguins, which launched its PENGU token on Solana in December 2024.

Like DOOD, the PENGU token dropped by about 50% on its airdrop day, though it reached a peak market cap of $2.8 billion before sliding to around $900 million.