Doodles Chooses Solana For $DOOD Memecoin Launch

Doodles, one of Ethereum’s biggest NFT brands, has jumped on the prevailing trend, opting to launch its official memecoin, $DOOD, on the Solana network.

While Solana’s memecoin economy is undeniably thrilled with the prospect of another large-scale liquidity event, detractors have expressed bearish sentiment towards Doodles’ expansion.

Can Doodles flip expectations and outperform rival NFT memecoins like $PENGU, $ANIME, and $CULT?

68% of $DOOD Supply Allocated to ‘Community’

On February 13, Doodles wowed NFT Paris guests with one of the brand’s biggest announcements since its partnership with McDonalds. 

What started as a humble NFT project has snowballed into an “onchain, world-building collective”, now complete with its very own memecoin.

At first glance, $DOOD tokenomics bears one of the more generous community allocations among NFT memecoins.

Doodles claims that 68% of $DOOD’s total supply will be distributed to its ‘community’. With a total supply of 10B tokens, the Doodles community can expect 30% of $DOOD tokens. Other ‘community’ allocations include 10% towards liquidity, 5% for the company, and 13% for “new blood”.

While a 68% community allocation on paper sounds like a mouth-watering prospect for Doodles fans, not every shares this view. Social media commentators have denounced Doodles’ posturing, suggesting that $DOOD tokenomics are heavily weighted toward benefitting the team, as opposed to the community. Notably, the Doodles brand raised $54M in funding back in Q3 2022.

At press time it is still unconfirmed who qualifies as “new blood”. However, the Solana community is hopeful that Doodles will take a leaf out of the Pudgy Penguin’s playbook, airdropping the active participants of its new onchain home, Solana.

Despite Doodles enduring status as one of Ethereum’s biggest NFT collections, members of the crypto community have called out the brand for being late to trends.

Solana enthusiasts are speculating that Solana Seeker and Saga holders could be eligible for a $DOOD airdrop. The Solana Mobile 𝕏 account wasted no time responding to Doodle’s announcement, playfully hinting at a potential partnership.

NFT-Memecoins Struggle in Choppy Market Conditions

The $DOOD TGE is expected to unlock millions in liquidity on Solana, but market conditions across the industry suggest that NFT memecoins are struggling to gain traction.

Barring Pudgy Penguin’s $PENGU, NFT memecoins have swiftly entered consistent downtrends post-TGE. Azuki’s $ANIME token has performed particularly badly, its value plummeting 80% from launch price.

However, Doodles arguably boasts a significantly larger retail audience than its Azuki and Milady peers. The brand’s existing partnerships with household names like McDonalds and Playstation and celebrated entertainment industry figures like Pharrell Williams and Lil Wayne mean that $DOOD could enjoy greater mainstream appeal than its rivals.

At press time, $DOOD’s TGE date is currently unconfirmed, and the token will expand to the Base Layer-2 following its initial launch on Solana.

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