The recently launched DOOD token by the Ethereum-based NFT project Doodles experienced a significant decline in market capitalization post its May 9 airdrop on the Solana network. According to data from DEX Screener, DOOD’s market cap dropped from over $100 million shortly after launch to approximately $60 million currently. The airdrop was deemed “definitely underwhelming” by a crypto commentator in a post on May 9. Joining the trend, NFTs from Doodle’s flagship collection also saw a sharp decrease in value on May 9, with collectibles plummeting by roughly 60% to less than 1.5 Ether per NFT from about 3.5 ETH on May 8, as reported by OpenSea. The NFTs are now valued collectively at approximately $31 million, according to data from CoinGecko. NFT prices typically dip following an airdrop as holders sell to capitalize on their allocations. For example, sales of Doodles’ NFTs surged by 97% on May 8 in anticipation of the airdrop. Over the past week, Doodles recorded around $2.6 million in total sales volume, up over 350% from the previous week, as per data from CryptoSlam. Doodles had announced its token launch in February, planning to mint 10 billion DOOD tokens on Solana and eventually bridge them to Base, an Ethereum layer-2. Doodles is the latest Ethereum-native NFT brand to introduce a token on the Solana network, following Pudgy Penguins, another large NFT project that airdropped its PENGU token on Solana in December. Similarly to Doodles, Pudgy Penguin’s token witnessed a 50% drop on its airdrop day. The PENGU token’s market cap peaked at around $2.8 billion and has since decreased to about $900 million, according to CoinGecko.