Doodles: The Promise of a Failed Community Shift

Doodles, the NFT project known for its vibrant characters and collaborations with brands like Adidas and McDonald's, is entering the Web3 space with its community token, $DOOD.

Promoters of the project envisioned a stellar launch for the token, rolling out a red carpet for its arrival. However, in the cryptocurrency jungle, every rise can quickly turn into a free fall. The launch of the token on Solana was a brutal illustration of this brutal reality.

On May 9, Doodles launched $DOOD, its community token, on Solana with a highly anticipated airdrop. The goal was to distribute 10 billion tokens, with 68% allocated to the community. On X, Doodles announced: “The creative revolution is here... we are building a movement that will transcend ages.”

This announcement sparked enthusiasm in the crypto community. On May 8, Doodles NFT sales surged by 97%, exceeding 1.1 million dollars, according to CryptoSlam, which ranked the collection third globally.

But as early as the next day, the euphoria turned into disappointment. According to DEX Screener, DOOD's market capitalization dropped from over 100 million to about 60 million dollars. In parallel, Doodles NFTs fell from 3.5 ETH to less than 1.5 ETH. “Clearly disappointing,” summarized @lokithebird on X. This brutal reaction evoked the fate of PENGU from Pudgy Penguins, which had dropped 50% on its launch day.

Airdrop, Massive Sales, and Confused Communication

The reasons for this setback are multiple. First, a significant selling pressure, typical of airdrops where holders seek to cash out. DjaniWhaleSkul, crypto analyst, writes: “If you bought a Doodles only to speculate on $DOOD, you are probably disappointed.”

Next, a strategy perceived as unclear. Despite long-term ambitions — gamification, governance, artistic incentives — the project did not specify immediate use cases. Certainly, the team wants to integrate DOOD into Base, an Ethereum L2 blockchain, and leverage the Doodles universe. But at launch, many users saw it only as a simple memecoin without concrete functionality.

The launch on Solana also caused confusion: the holder base, mainly Ethereum, had to open compatible wallets to participate. In summary, Doodles suffered from a combination of aggressive timing, a divided audience, and very high expectations.

But some supporters remain loyal. Djani concludes: “Projects that bet on culture and community are the ones that last.”

A Brutal Crash, Revealing Figures

The market responded starkly, but the data remains revealing of the strengths — and flaws — of this launch.

Joel Agbo, contributor at CoinGecko, reminds us that these tokens “often start as memecoins but aim for utility in the long run.” This was also the bet of Pudgy Penguins, whose PENGU dropped quickly… before rising to a 2.8 billion capitalization. Doodles could follow this model, provided trust is rebuilt. Its history of collaborations (McDonald’s, Pharrell Williams, Adidas) proves its brand strength.

And Binance’s support, which listed $DOOD, shows that the project retains credibility among major crypto players. In short, the drop was brutal, but the rebound potential is real.

The Doodles project joins the list of those whose token launches initially disappointed. The Official TRUMP memecoin also plunged after a stellar start in the top 10. Yet, its supporters persevered, and the asset eventually made its mark. Nothing is decided for $DOOD: the next chapter will depend on commitment and vision.