- Doodles NFT collection achieved a $16 million weekly trading volume.
- The NFT market is adopting a dual-chain approach.
The Doodles NFT collection has achieved a remarkable $16 million in weekly trading volume following its announcement of $DOODS, a Solana-based meme coin. This surge marks the collection’s second-highest trading peak in 2024, demonstrating the growing trend of established Ethereum NFT projects expanding into Solana’s memecoin ecosystem.
Strategic Evolution in the NFT Landscape
The major achievement by Doodles NFT came after they announced a new Solana-based meme coin known as $DOODS. The surge in the trading volume is the second biggest for the Doodles.
Previously they achieved a $245 million weekly trading volume when Pudgy Penguins announced their own token $PENGU. Doodle NFT floor price surged to 6.3 Ethereum at the time of announcement before settling around 4 ETH.
Doodles NFT’s recent achievement and high trading volume demonstrate a strategic shift of the NFT market towards the dual-chain approach. The same strategy is used by the Doodles during Pudgy Penguins and Azuki, who launch their tokens on Solana.
This dual approach helps the NFT projects to maintain their NFT collection on Ethereum while leveraging the token trading benefits of Solana. This strategic pivot comes as Doodles undergoes internal changes, with founder Burnt Toast assuming the CEO position in early 2024. The project has promised a significant 68% token allocation to its community, though specific distribution details remain undisclosed.
However, the trend shows concerning signs of diminishing returns. Both $PENGU and $ANIME have experienced substantial declines, with losses of 69% and 40% respectively over the past month, despite initial enthusiasm.
The migration to Solana for token launches seems to be driven by practical factors. Ethereum’s higher transaction fees have become prohibitive for retail traders, while Solana offers an established memecoin ecosystem with robust liquidity and an active trading community. This environment provides a more accessible platform for frequent trading and smaller transactions.
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