Doodles NFT collection saw its second major trading volume spike in 2024, reaching $16 million in weekly volume following the announcement of its Solana-based memecoin $DOODS.
This surge represents the second-highest weekly volume for the Ethereum NFT since a $24 million peak during Pudgy Penguins' $PENGU token announcement. Doodles NFT floor price reached 6.3 ETH during the announcement before settling around 4 ETH. While the Doodles collection did major volumes, major ETH NFTs combined for only $46 million in volume on average over the last few weeks.
The trend of Ethereum NFT projects launching Solana-based tokens continues to expand. Doodles joins Pudgy Penguins, which launched $PENGU on Dec. 17, and Azuki with its $ANIME token in this strategy. The project announced that 68% of $DOODS tokens will be allocated to the community, though specific distribution mechanics remain unclear.
Previous NFT token launches show diminishing returns for early participants. $PENGU has declined 69% in value over the past 30 days, while $ANIME has dropped 40%. These declines occurred despite initial enthusiasm and trading volume spikes in their respective NFT collections.
The shift towards token launches comes amid leadership changes at Doodles, with founder Burnt Toast stepping into the CEO role at the end of January 2024.
The convergence of NFTs and memecoins on Solana appears driven by multiple factors. Ethereum's higher transaction fees make frequent trading and smaller transactions less economical for retail participants. Solana's established memecoin ecosystem provides ready liquidity and an active trading community. Projects can maintain their premium NFT collections on Ethereum while capturing trading volume and engagement on Solana.
This dual-chain strategy may represent NFT projects adapting to changing market conditions, though declining token prices suggest diminishing returns as more projects adopt similar playbooks.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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