The newly launched DOOD token from Ethereum-based NFT project Doodles has seen a steep drop in market capitalization following its May 9 airdrop on the Solana network.
According to data from DEX Screener, DOOD’s market cap fell from over $100 million shortly after launch to around $60 million at the time of writing.
Overall, the much-anticipated airdrop was “[d]efinitely underwhelming,” a crypto commentator said in a May 9 X post.
DOOD token performance on May 9. Source: DexScreener
Related: Doodles NFT sales surge 97% ahead of DOOD token airdrop
Falling NFT values
Joining the trend, NFTs in Doodle’s flagship collection sharply dropped in value on May 9.
The collectibles are down roughly 60% to less than 1.5 Ether (ETH) per NFT from about 3.5 ETH on May 8, <a data-ct-non-breakable="null"