Doodles’ DOOD token falls on launch, but team is planning its future

Doodles head of strategy says the price drop was “expected”

article-image

Doodles and DOOD modified by Blockworks

share

This is a segment from The Drop newsletter. To read full editions, subscribe.


The 2021-era Ethereum NFT collection Doodles, which some have long considered to be a “blue chip” collection, launched its anticipated DOOD token on Solana this past Friday.

DOOD launched, briefly had a market cap of over $100 million, and then abruptly fell to a market cap of roughly $52 million. The token has since held around that point, and sits at a $54 million market cap across about 159,000 wallets as of this morning.

Doodles head of strategy and business development Austin Hurwitz told me in a message that the sudden price drop after launch was “expected” because the airdrop that occurred created “sell pressure on day 1.”

“We expect those tokens to rotate into the hands of people who want to hold for the long run. Would not judge the performance of the token based on launch. Every NFT launch that was given to the community at TGE has faced similar hurdles but we’d do it all over again to put our community first. Now that it’s out we can continue [to] focus on building for the future,” Hurwitz told me.

Image: DOOD’s market cap since launch.

Here’s the thing: The Doodles team doesn’t want you to see DOOD as just a memecoin. Still, Hurwitz said the token is “memetic.”

In a post, he explained that DOOD is “the first universe token” of DreamNet. DreamNet is a content-focused protocol from Doodles that uses Coinbase’s Base chain. The Doodles team has plans to make DOOD usable across “collectibles, gaming, DeFi and beyond.”

The token is expected to become a usable currency in the Doodles shop in a few days.

Doodles’ broader brand vision these days sounds a lot like that of Pudgy Penguins, perhaps its most obvious comparison. The Penguins also have cutesy avatars and the goal of becoming a mainstream character brand (and have gained some traction with social media posts and Walmart toys). 

Doodles, like Pudgy Penguins, is planning content, “shorts, brand collabs and merch drops,” but also wants to be powering a “decentralized storytelling movement.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /
article-image

Zac Prince spearheads Galaxy’s push into consumer banking with high-yield cash, crypto, and stock trading features

by Blockworks /