Doodles Non-fungible Token weekly volume soared to $16 million, with mixed reviews of the native meme coin $DOOD.

After the Doodles new team announced the issuance of $DOOD meme coin on Solana, the weekly volume of Doodles Non-fungible Tokens soared to $16 million. This wave of Bull Market is the second Ethereum Non-fungible Token Bull Market since the peak of Non-fungible Token volume reached $24 million after the native meme coin $PENGU of Pudgy Penguins was listed. During the exposure period of Doodles' coin issuance on Solana, the Floor Price of Doodles Non-fungible Tokens also surged to 6.3 ETH, and then remained around 3.7 ETH. Although the volume of Doodles Non-fungible Tokens is very active, the total volume of ETH Non-fungible Tokens in the past few weeks has only been around $46 million, leaving a lot of question marks about the prospects of the Ethereum Non-fungible Token market.

The Doodles team recently interviewed collector Hunter Orrell, sharing why they chose to issue coin on the Solana chain. They stated that the Solana community and foundation have many OGs who support each other. Doodles' founder and artist Burnt Toast (Scott Martin) returned to the management team at the end of January, replacing Julian Holguin as CEO of Doodles. Doodles is committed to promoting IP cooperation, having started a collaboration with McDonald's for co-branded coffee last year, and is also preparing to expand its brand image through coin issuance in the future.

In the past, both Bored Ape Yacht Club and Cool Cats have employed traditional professional managers to oversee the company at a high level, but ultimately they have returned to the original founders, original artists, and blockchain OGs. Doodles is no exception. Burnt Toast stated that Doodles' new positioning is to establish a community with innovative exploration, thorough transparency, and authenticity, which are the true values of the Non-fungible Token community.

The community is looking forward to more airdrops and a big rise in $DOOD, with mixed evaluations of the distribution of the token.

Doodles chooses to issue coin on the Solana chain. For the community, although they acknowledge Doodles' commitment to develop more IP products and empower, they hope to have more. Doodles claims that the main distribution of the token will be allocated to the community, but the allocation shows that only 30% of the community members will receive it, and they will have to wait for up to one year to vest ( the token. This coin issuance will allocate 25% to fund operations, 17% to the Doodles team, and 5% to the company. In other words, a total of up to 47% of the funds will still enter Doodles' project funding pool, and this distribution method will not satisfy the community.

In the past, Doodles also issued Poopies on the Base chain and airdropped them to the community, but it was also a flash in the pan with a rapid rise and fall.

Another Ethereum Non-fungible Token blue-chip project has moved to Solana chain for further development, proving that Solana chain seems more attractive to new friends in the coin circle. Ethereum's gas fee remained high during the L1 period, leading to a situation where most collectors who spent money collecting Non-fungible Tokens faced the dilemma of being unable to resell them for profit and getting trapped. With the decrease in gas fees, the craze for Ethereum's Non-fungible Tokens has passed. Blue-chip projects are looking forward to continuing operations with IP licensing. However, for most new and old participants in the coin circle, how to recoup their initial investment and secure profits, for example, by receiving airdropped tokens and waiting for the price to rise, is of paramount importance.

This article Doodles Non-fungible Token weekly volume soared to $16 million, the native meme coin $DOOD has received mixed reviews first appeared on ChainNews ABMedia.