Doodles NFT token stalls after airdrop

The DOOD token from Ethereum-based NFT project Doodles has seen a significant drop in market capitalization following its airdrop on the Solana network on May 9. The token's market cap fell from over $100 million to around $60 million. The airdrop was met with an underwhelming response, with many considering it a disappointment. The value of Doodles' NFTs also sharply declined, dropping by roughly 60% to less than 1.5 Ether per NFT. The NFTs are now collectively worth around $31 million. The drop in NFT value is a common trend after airdrops, as they look to capitalize on their allocations. Doodles had seen a surge in NFT sales ahead of the airdrop, with sales volume increasing by over 350% in the week prior. The project is the latest Ethereum-native NFT brand to launch a token on the Solana network, following Pudgy Penguins project which also saw a similar drop in token value after its airdrop. The PENGU token's market cap has traded down to roughly $900 million from its all-time high of roughly $2.8 billion.