Major NFT Project Doodles Launches Solana-Based Token

(MENAFN- eTrendy Stock) Doodles, a prominent non-fungible token (NFT) project known for its collaborations with Pharrell Williams and Adidas, has announced the launch of its own cryptocurrency, DOOD.

“Introducing DOOD, the official token of Doodles,” the project posted on social media. Doodles has generated over $702 million in transactions since its inception, with more than 5,500 wallets holding at least one Doodle NFT.

The project ranks 11th in historical transaction volume according to CryptoSlam and will distribute a total of 10 billion DOOD tokens on the Solana network.

The DOOD token distribution plan allocates 68% of the tokens to community members, while 17% is earmarked for core contributors and 5% for corporate reserves. Both the contributor and reserve allocations are subject to a one-year lockup period followed by a three-year vesting schedule.

Doodles Launches Token Amid NFT Bear Market

The launch comes as the NFT market has experienced a significant downturn in valuations. Doodles' floor price, which peaked at nearly 20 ETH in May 2022, currently sits at around 4.63 ETH.

The DOOD token announcement appears to have spurred some renewed interest, with a significant increase in the floor price reported in the 24 hours following the announcement. The token is being launched at a time in which various other NFT collections are making similar moves, with giants like Pudgy Penguins having recently launched tokens.

It also comes at a time in which popular NFT marketplace OpenSea announced the airdrop of its SEA token, while making improvements to its platform seemingly in a bid to revitalize a struggling NFT economy.

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