Doodles to Launch Token on Solana Amid Mixed Reactions
Doodles, an Ethereum NFT collection, is launching a new token called DOOD on the Solana blockchain. The response has been mixed among the crypto community:
- The Doodles team could receive up to 57% of the total tokens, raising concerns about fair distribution.
- Critics question the timing of the launch and whether DOOD will have functional utility beyond being a memecoin.
- Recent trends show declines in art- and gaming-related tokens; for instance, PENGU is down 67%, PIXELS down 50%, and Apecoin down 50% year-over-year.
- Doodles' sales volume has dropped by 32% in the past week, according to CryptoSlam data.
- Previous brand partnerships, including collaborations with Pharrell and McDonald's, have not significantly boosted Doodles NFT sales.
The token launch appears to follow a trend where crypto projects attempt to monetize their intellectual property, but skepticism remains regarding its potential success.