- Doodles NFT assortment achieved a $16 million weekly buying and selling quantity.
- The NFT market is adopting a dual-chain method.
The Doodles NFT assortment has achieved a exceptional $16 million in weekly buying and selling quantity following its announcement of $DOODS, a Solana-based meme coin. This surge marks the gathering’s second-highest buying and selling peak in 2024, demonstrating the rising development of established Ethereum NFT tasks increasing into Solana’s memecoin ecosystem.
Strategic Evolution within the NFT Panorama
The main achievement by Doodles NFT got here after they introduced a brand new Solana-based meme coin often known as $DOODS. The surge within the buying and selling quantity is the second greatest for the Doodles.
Beforehand they achieved a $245 million weekly buying and selling quantity when Pudgy Penguins introduced their very own token $PENGU. Doodle NFT flooring worth surged to six.3 Ethereum on the time of announcement earlier than settling round 4 ETH.
Doodles NFT’s current achievement and excessive buying and selling quantity exhibit a strategic shift of the NFT market in direction of the dual-chain method. The identical technique is utilized by the Doodles throughout Pudgy Penguins and Azuki, who launch their tokens on Solana.
This twin method helps the NFT tasks to keep up their NFT assortment on Ethereum whereas leveraging the token buying and selling advantages of Solana. This strategic pivot comes as Doodles undergoes inner adjustments, with founder Burnt Toast assuming the CEO place in early 2024. The challenge has promised a big 68% token allocation to its group, although particular distribution particulars stay undisclosed.
Nonetheless, the development reveals regarding indicators of diminishing returns. Each $PENGU and $ANIME have skilled substantial declines, with losses of 69% and 40% respectively over the previous month, regardless of preliminary enthusiasm.
The migration to Solana for token launches appears to be pushed by sensible components. Ethereum’s larger transaction charges have turn out to be prohibitive for retail merchants, whereas Solana provides a longtime memecoin ecosystem with strong liquidity and an lively buying and selling group. This atmosphere supplies a extra accessible platform for frequent buying and selling and smaller transactions.
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