Doodles DOOD token market cap drops 40% after May 9 airdrop

The DOOD (CRYPTO:DOOD) token from the Ethereum-based (CRYPTO:ETH) NFT project Doodles experienced a significant market capitalisation decline following its airdrop on May 9, 2025.

Data from DEX Screener showed the token’s market cap fell from over $100 million shortly after launch to around $60 million within hours.

A crypto commentator described the airdrop as “definitely underwhelming” on social media.

Alongside the token’s drop, the value of Doodles’ flagship NFTs also fell sharply, decreasing roughly 60 percent from about 3.5 ETH to less than 1.5 ETH per NFT according to OpenSea data.

As of May 9, the total value of the Doodles NFT collection stood at approximately $31 million, based on CoinGecko figures.

This price decline aligns with a common post-airdrop pattern where holders sell newly received tokens to realise gains, causing short-term market dips.

Supporting this trend, Doodles NFT sales surged 97 percent on May 8 in anticipation of the airdrop, with total sales volume reaching about $2.6 million over the past week, a 350 percent increase from the previous week, according to CryptoSlam.

Doodles announced the DOOD token launch in February, planning to mint 10 billion tokens on the Solana (CRYPTO:SOL) blockchain with future bridging to Base, an Ethereum layer-2 solution.

Doodles follows other Ethereum-native NFT projects like Pudgy Penguins (CRYPTO:PENGU), which also launched tokens on Solana and saw a similar 50 percent market cap drop on their airdrop day.

Pudgy Penguins’ PENGU token peaked near $2.8 billion market cap but has since declined to roughly $900 million.

The recent token and NFT price movements highlight the volatility and speculative nature of NFT-related token launches, especially during initial distribution events.

At the time of reporting, the Doodles (DOOD) price was $0.006877.