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Following an anticipated airdrop, the DOOD token’s marketplace capitalization declined by astir 40% connected May 9, according to DEX Screener.
The recently launched DOOD token from Ethereum-based NFT task Doodles has seen a steep driblet successful marketplace capitalization pursuing its May 9 airdrop connected the Solana network.
According to information from DEX Screener, DOOD’s marketplace headdress fell from implicit $100 cardinal soon aft motorboat to astir $60 cardinal astatine the clip of writing.
Overall, the much-anticipated airdrop was “[d]efinitely underwhelming,” a crypto commentator said in a May 9 X post.
DOOD token show connected May 9. Source: DexScreenerRelated: Doodles NFT income surge 97% up of DOOD token airdrop
Falling NFT values
Joining the trend, NFTs successful Doodle’s flagship postulation sharply dropped successful worth connected May 9.
The collectibles are down astir 60% to little than 1.5 Ether (ETH) per NFT from astir 3.5 ETH connected May 8, according to OpenSea. As of May 9, the NFTs are collectively worthy astir $31 million, according to information from CoinGecko.
The terms of Doodles NFTs dropped by astir 60% aft the airdrop. Source: OpenSeaNFT prices often dip instantly aft an airdrop, arsenic holders look to capitalize connected their allocations by selling into the market. For instance, income of Doodles’ NFTs surged by immoderate 97% connected May 8 successful anticipation of the airdrop.
Over the past week, Doodles clocked astir $2.6 cardinal successful full income volume, up much than 350% from the week prior, according to data from CryptoSlam.
Doodles announced its token motorboat successful February, outlining plans to mint 10 cardinal DOOD tokens connected Solana (SOL) and to yet span them to Base, an Ethereum layer-2.
Doodles is the latest Ethereum-native NFT marque to database a token connected the Solana network. It follows Pudgy Penguins, an adjacent larger NFT task that airdropped its PENGU token connected Solana successful December.
Similarly to Doodles, Pudgy Penguin’s token dropped by astir 50% connected the time of its airdrop.
The PENGU token’s marketplace headdress reached an all-time precocious of astir $2.8 cardinal and has since traded down to astir $900 million, according to CoinGecko.
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