Doodles DOOD Token Launch Met with Volatile Start on Solana

Five years after its initial creation, the Ethereum NFT collection Doodles, a perennially favored “blue chip” project, officially launched its native cryptocurrency DOOD on the Solana blockchain.

The token debuted briefly with a market capitalization exceeding $100 million before collapsing to a valuation of approximately $52 million. DOOD subsequently stabilized at around $54 million across approximately 159,000 wallets as reported Thursday morning.

Doodles head of strategy Austin Hurwitz attributed the sharp initial sell-off to expected “airdrop pressure,” stating the distribution created sell volume on day one.

“We anticipated this dynamic as the token transitioned between market participants,” Hurwitz noted. “We would not evaluate the token launch performance. Every Doodles token distribution has encountered similar distribution hurdles, but we remain committed to community orientation…”

The Doodles team characterizes DOOD as “memetic” rather than a conventional memecoin, clarifying its place within the DreamNet protocol ecosystem built on Coinbase’s Base chain.

Planning reveals DOOD as the “first universe token” within Doodles ecosystem, intended to power applications “across collectibles, gaming, DeFi and beyond.” Initial functionality within the Doodles marketplace is expected within days.

Doodles’ commercial ambitions bear resemblance to competitors like Pudgy Penguins—pursuing both entertainment-focused growth and broader merchandise integration, while simultaneously establishing blockchain narrative infrastructure.