Doodles announces that it will issue Meme coins on Solana Interpretation
Doodles issued $DOOD Meme coins on the Solana chain, triggering a craze in the NFT market! Doodles NFT trading volume soared to $16 million in the week, which is another wave of Ethereum NFT bull market after Pudgy Penguins' $PENGU coin. As soon as this news came out, Doodles NFT floor price soared to 6.3ETH, and then stabilized at around 3.7ETH. However, overall ETH NFT weekly trading volume is still hovering around $46 million, and the market outlook is still unclear.
The reason why the Doodles team chose the Solana chain is due to its strong community support and foundation resources. Founder Burnt Toast returns to management and is committed to IP collaboration and brand expansion, such as co-branded coffee with McDonald's. This is similar to the model of other blue chip projects such as BAYC and Cool Cats, and all eventually returned to the hands of the original team and artists. Burnt Toast said Doodles’ goal is to create an innovative, transparent and authentic community.
$DOOD token allocation has caused community controversy
While Doodles promises to allocate most of the tokens to the community, the actual allocation is only 30%, and it will take one year to unlock. The remaining 47% of the tokens are allocated to the project party, which aroused community dissatisfaction. Previously, the Poopie coin issued by Doodles on the Base chain also rose and fell briefly.
Doodles switched to the Solana chain, highlighting the appeal of the Solana chain to NFT projects. The high Ethereum gas fees have plagued many NFT collectors, making it difficult to cash out assets. The low gas fees of Solana chain provide a more attractive environment for project parties and investors. However, for investors, how to recover investment and make profits, such as profiting from airdropping tokens, remains key.
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