Doodles Token Skyrockets to Record High After Korean Exchange Debut

Doodles Token Skyrockets to Record High After Korean Exchange Debut

Hold onto your hats, NFT enthusiasts! The Doodles Token (DOOD) just experienced a wild ride, hitting an all-time high thanks to its debut on the South Korean crypto exchange, Upbit. Let's dive into what happened and what it means for the Doodles universe.

Korean Debut Sends DOOD Soaring

On October 7th, Upbit announced it would list DOOD, paired with Korean won (KRW) and Tether's USDT. The reaction? Immediate and explosive. DOOD surged over 110% to a record high of $0.01753. Talk about a debut!

What Goes Up... Briefly

The excitement was short-lived. As quickly as it rose, DOOD retraced, falling 36% from its peak. Crypto, am I right?

Upbit Dominates DOOD Trading

The listing catapulted Upbit to the top of the DOOD trading charts, accounting for over 66% of global volume. A whopping $190 million in DOOD/KRW was traded that day, surpassing even Bybit and Gate's USDT-based volumes. South Korea clearly has a taste for Doodles.

NFT Metrics Get a Boost

It wasn't just the token that saw a spike. Doodles' NFT trading volume jumped 218% on the same day, with sales up over 190%. The entire Doodles ecosystem felt the ripple effect of the Upbit listing.

DOOD: More Than Just a Token

Launched in May, the DOOD token is part of Doodles' plan to expand beyond NFTs and foster broader community engagement. A significant portion of the token supply was airdropped to existing Doodles holders (30%), while another chunk was reserved for attracting new users through the "New Blood" program (13%). The project’s tokenomics also allocated 25% to the Ecosystem Fund to finance collaborations and development within the Doodles universe, 17% to the Team, and 5% to Doodles Inc., both subject to a one-year lock and three-year vesting period, and 10% was allocated to liquidity provision.

Naver's Potential Acquisition of Upbit

Adding another layer to this story, South Korea's internet giant, Naver, is reportedly in talks to acquire Dunamu Inc., the operator of Upbit. This move could bring Upbit under Naver's financial services umbrella, potentially exposing Doodles to an even wider audience.

Looking Ahead

The DOOD token's wild ride highlights the volatile nature of the crypto market and the power of exchange listings. While the initial surge was followed by a retracement, the increased trading volume and NFT activity suggest a growing interest in the Doodles ecosystem.

So, what's next for DOOD and the Doodles universe? Only time will tell, but one thing's for sure: it's a space worth watching. And who knows, maybe I should get myself a Doodle...