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, according to OpenSea. As of May 9, the NFTs are collectively worth around $31 million, according to data from CoinGecko.

The price of Doodles NFTs dropped by roughly 60% after the airdrop. Source: OpenSea

NFT prices often dip immediately after an airdrop, as holders look to capitalize on their allocations by selling into the market. For instance, sales of Doodles’ NFTs surged by some 97% on May 8 in anticipation of the airdrop.

Over the past week, Doodles clocked roughly $2.6 million in total sales volume, up more than 350% from the week prior, according to data from CryptoSlam.

Doodles announced its token launch in February, outlining plans to mint 10 billion DOOD tokens on Solana (SOL) and to eventually bridge them to Base, an Ethereum layer-2.

Doodles is the latest Ethereum-native NFT brand to list a token on the Solana network. It follows Pudgy Penguins, an even larger NFT project that airdropped its PENGU token on Solana in December. 

Similarly to Doodles, Pudgy Penguin’s token dropped by around 50% on the day of its airdrop. 

The PENGU token’s market cap reached an all-time high of roughly $2.8 billion and has since traded down to roughly $900 million, according to CoinGecko.

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