Dood's newly launched token from Ethereum based on NFT Project Doodles has seen a steep collapse in the market capitalization of the market following the May 9 Airdrop on the Solana network.
According to In data from the Dex Screener, the Dood market cap fell from over $ 100 million shortly after launching nearly $ 60 million at the time of writing.
In general, the long -awaited AirDrop is “[d]infinite underwhelming, ”a crypto commentator Says In a post of May 9 x.
Related: Doodles NFT Sales Surge 97% Top with Dood Token AirDrop
Falling NFT values
Participating in the trend, the collection of the NFTS flagship in Doodle fell fiercely on the value of May 9.
Collectives dropped by about 60% to less than 1.5 ether (ETH) per NFT from about 3.5 ETH on May 8, According to In the opening. Until May 9, NFTs are together -Come costing about $ 31 million, According to to data from coingecko.
NFT prices often dip immediately after an airdrop, while holding holders can achieve their allocations by selling the market. For example, Doodles' NFTs sales climbed about 97% on May 8 in anticipation of AirDrop.
During the past week, doodles clock nearly $ 2.6 million in total sales volume, which is more than 350% from the week before, according to Data from cryptoslam.
Doodles announced the launch of its token in February, outlining plans to mint 10 billion dood tokens in Solana (Sol) and eventually bridge them to the base, an Ethereum Layer-2.
Doodles are the latest brand of Ethereum-natrum NFT to list a token on the Solana network. It follows the Pudgy Penguins, a larger NFT project that has alerted a Penguin token in Solana in December.
Similar to doodles, the Pudgy Penguin token dropped nearly 50% on its airdrop day.
The Pengu token market cap reached a full time high of $ 2.8 billion and from exchanged up to nearly $ 900 million, According to In coingecko.
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