Doodles NFT Trading Volume Surges to $16M After Solana Memecoin Announcement
The Doodles NFT collection has experienced a significant spike in trading activity, hitting $16 million in weekly volume after announcing its Solana-based memecoin, $DOODS. This marks the second-largest weekly volume for the Ethereum-based NFT project, following a $24 million peak earlier this year when Pudgy Penguins launched its $PENGU token.
Memecoin Hype Drives NFT Market Activity
Following the announcement, the Doodles NFT floor price briefly climbed to 6.3 ETH before settling around 4 ETH. While the Doodles ecosystem thrived, broader Ethereum NFT collections collectively recorded just $46 million in weekly volume, underscoring how memecoin tie-ins are fueling niche market activity.
Doodles' move reflects a growing trend among Ethereum-based NFT projects expanding to Solana's memecoin ecosystem. Pudgy Penguins introduced $PENGU in December 2024, while Azuki followed with $ANIME, capitalizing on Solana’s low fees and active trading community.
$DOODS Token Allocation and Market Risks
The Doodles team announced that 68% of the $DOODS supply would be allocated to the community, though specifics around distribution remain unclear. Past NFT-linked token launches, however, hint at potential risks. $PENGU has dropped 69% in value over the last 30 days, while $ANIME is down 40%, despite initial trading surges.
The timing of the $DOODS launch coincides with leadership changes at Doodles, as founder Burnt Toast assumed the role of CEO in January 2024.
Dual-Chain Strategy Reflects Evolving NFT Landscape
Doodles’ expansion to Solana highlights a broader dual-chain strategy among NFT projects. While premium collections remain on Ethereum, memecoins launched on Solana benefit from lower fees and higher liquidity, making smaller trades more viable for retail participants.
However, the declining performance of recently launched NFT-linked tokens raises questions about sustainability. As more projects adopt this approach, returns for early participants appear to be diminishing.