Following a highly anticipated airdrop on May 9, the newly launched DOOD token from the Ethereum-based NFT project Doodles experienced a significant decline in market capitalization, dropping approximately 40% from over $100 million to around $60 million. The airdrop occurred on the Solana network, coinciding with a notable drop in the value of Doodles NFTs, which fell by roughly 60% to less than 1.5 Ether per NFT, down from about 3.5 ETH the day before. This decline is typical as NFT holders often sell their tokens post-airdrop to capitalize on allocations. Prior to the airdrop, Doodles had seen a surge in sales volume, with $2.6 million recorded over the week leading up to May 9, more than a 350% increase from the previous week. Doodles aims to mint 10 billion DOOD tokens on Solana and plans to bridge them to Base, an Ethereum layer-2. The trend follows similar patterns seen with other projects like Pudgy Penguins, whose PENGU token experienced a sharp drop in market capitalization after its airdrop.

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