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Sometimes, a well-crafted plan embraces success; other times, it collapses in a silent crash. This is the fate that befell Doodles, a beloved crypto project whose promoters had imagined rolling out a red carpet with the launch of the DOOD token. But in the cryptocurrency jungle, every rise can turn into a free fall. The launch of the token on Solana was a brutal illustration of this.
In brief
- Doodles launched $DOOD via a highly anticipated airdrop, causing an immediate market frenzy.
- The very next day, the market cap dropped by 40%, and NFTs lost 60%.
- Lack of clear utility, choice of Solana, and selling pressure fueled the fall.
On May 9, Doodles launched $DOOD, its community token, via a highly anticipated airdrop. The goal? To distribute 10 billion tokens on Solana, with 68% allocated to the community. On X, Doodles declared:
The creative revolution is here… we are building a movement that will transcend ages.
The announcement sparked enthusiasm in the crypto community. On May 8, Doodles NFT sales jumped 97%, exceeding 1.1 million dollars. CryptoSlam then ranked the collection third globally.
But as early as the next day, the euphoria turned to disenchantment. According to DEX Screener, DOOD’s market capitalization dropped from over 100 million to about 60 million dollars. In parallel, Doodles NFTs fell from 3.5 ETH to less than 1.5 ETH.
“Clearly disappointing“, summarized @lokithebird on X. This brutal reaction evoked the fate of PENGU from Pudgy Penguins, which had dropped 50% on its launch day.
Airdrop, Massive Sales, and Confused Communication
The reasons for this setback are multiple. First, a significant selling pressure, typical of airdrops where holders seek to cash out. DjaniWhaleSkul, crypto analyst, writes:
If you bought a Doodles only to speculate on $DOOD, you are probably disappointed.
Next, a strategy perceived as unclear. Despite long-term ambitions — gamification, governance, artistic incentives — the project did not specify immediate use cases.
Certainly, the team wants to integrate DOOD into Base, an Ethereum L2 blockchain, and leverage the Doodles universe. But at launch, many users saw it only as a simple memecoin without concrete functionality.
The launch on Solana also caused confusion: the holder base, mainly Ethereum, had to open compatible wallets to participate. In summary, Doodles suffered from a combination of aggressive timing, divided audience, and very high expectations.
But some supporters remain loyal. Djani concludes:
Projects that bet on culture and community are the ones that last.
A Brutal Crash, Revealing Figures
The market responded starkly, but the data remains revealing of the strengths — and flaws — of this launch.
- Initial capitalization of $DOOD: over 100 million dollars;
- Drop on launch day: nearly 40%, to about 60 million;
- Value of Doodles NFTs: from 3.5 ETH to 1.5 ETH, a 60% decrease;
- NFT sales in 24h before the airdrop: +97%, with 1.1 million dollars;
- Total weekly volume: 2.6 million, +368% compared to the previous week.
Joel Agbo, contributor at CoinGecko, reminds us that these tokens “often start as memecoins but aim for utility in the long run“. This was also the bet of Pudgy Penguins, whose PENGU dropped quickly… before rising to a 2.8 billion capitalization. Doodles could follow this model, provided trust is rebuilt. Its history of collaborations (McDonald’s, Pharrell Williams, Adidas) proves its brand strength.
And Binance’s support, which listed $DOOD, shows that the project retains credibility among major crypto players. In short, the drop was brutal, but the rebound potential is real.
The Doodles project joins the list of those whose token launches initially disappointed. The Official TRUMP memecoin also plunged after a stellar start in the top 10. Yet, its supporters persevered, and the asset eventually made its mark. Nothing is decided for $DOOD: the next chapter will depend on commitment and vision.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
