Newly launched by Ethereum-based NFT venture Doodles, Dood Token has seen a pointy drop in market capitalization following the Could 9 airdrop on the Solana Community.
According to For Dex Screener knowledge, Dood’s market capitalization has dropped from over $100 million shortly after its launch to about $60 million on the time of writing.
Total, the long-awaited airdrop is[d]Encryption commentator I said X Put up Could ninth.
Associated: doodles nft gross sales surge 97% dood token airdrop past
Decreased NFT values
Becoming a member of the development, the NFT of Doodle’s flagship assortment fell sharply on Could ninth.
Collectibles are lower than 1.5 ether (ETH) down about 60% per NFT from about 3.5 ETH on Could eighth. According to To opensea. As of Could ninth, NFTs are collectively price round $31 million. According to To knowledge from Coingecko.
NFT costs are sometimes soaked proper after an airdrop as holders attempt to make the most of the allocation by promoting to the market. For instance, gross sales of Doodles’ NFTs skyrocketed by round 97% on Could 8 in anticipation of airdrops.
Final week, Doodles recorded roughly $2.6 million in complete gross sales. data From Cryptoslam.
Doodles introduced the discharge of the token in February, outlining plans to fill Solana (SOL) with 10 billion Dood tokens and in the end bridge the bottom, which is Ethereum Layer 2.
Doodles is the most recent Ethereum-Native NFT model that lists tokens within the Solana community. It follows Pudgy Penguins, an excellent larger NFT venture that air-dropped Penguins in Solana in December.
Like Doodles, Pudgy Penguin’s tokens fell by about 50% on airdrop day.
Pengu Token’s market capitalization reached an all-time excessive of round $2.8 billion, after which reached about $900 million. According to To Coingecko.
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