Recently entering the NFT space with a splash, Doodles launched its native token, $DOOD. This surprisingly simple move has created a lot of excitement and speculation about what this could mean for the market. Doodles’ fundraising accomplishment is particularly impressive against the backdrop that they raised $54 million at a $704 million valuation in September 2022. Riding off of that success, they launched their PENGU token in December 2024, which at the time had a fully diluted valuation of close to $1.7 billion. The launch of $DOOD marks a significant milestone for Doodles. It amplifies their long-term work to grow the ecosystem and deepen community engagement.
With the NFT market booming, reaching new market highs while showing signs of increased volatility, today’s launch of $DOOD couldn’t come at a better time. Doodles has always set itself apart with innovative activations, brand deal partnerships and a robust community-first ethos. Doodles has an NFT cap of $67.6 million, surpassing Azuki’s $49.2 million. This astounding milestone further reinforces Doodles’ market leadership and indicates tremendous potential for future growth. The company is committed to creating a colorful, nourishing community for everyone. Combined with its strategic moves in the animation and metaverse spaces, that position places it favorably in the increasingly complex and competitive digital space.
Having $DOOD onboard should not only add more utility to owners, but help to cement Doodles’ position atop the NFT world’s pecking order. As Joule token gains traction, both investors and enthusiasts will have their eye on the token performance. What their observations will uncover are unique opportunities to be found within the emerging NFT space, including how community-driven efforts can enhance value and engagement.
Doodles' Strategic Moves and Market Position
Strategically, Doodles has taken some smart, calculated steps over the last few years to fortify its brand and maximize its reach. Last year, the company hired new leadership in Julian Holguin as CEO. Before that, he was President of Billboard. Furthermore, Pharrell Williams came on the team as Chief Brand Officer. Together, these high-profile appointments and moves signal Doodles’ ambition. Their goal is to bridge the NFT universe with mainstream entertainment and create a more expansive audience.
As further testament to this commitment, Doodles acquired Golden Wolf, an Emmy-nominated animation studio, in early 2023. This latest acquisition supercharges Doodles’ ability to deliver top-tier animated content. This further enhances the artistry of its NFTs and expands its narrative-building and storytelling potential. NFT platform expansion The move fits with Doodles’ long-term vision of building an expansive ecosystem beyond digital collectibles.
Doodles made big headlines at SXSW 2022. Their colorful installation proved to be the most photogenic setup, winning the likes of the crowd and propelling their popularity even more. The installation captivated every blockchain enthusiast and tech-curious person who entered the space. It demonstrated Doodles’ ability to create fun, interactive experiences. This commitment to transparency and creativity has allowed Doodles to establish a unique brand identity and foster a dedicated community.
$DOOD Tokenomics and Potential Impact
The $DOOD token has a highly strategic allocation distribution aimed to incentivize community involvement and longevity. From the beginning, the tokenomics got behind the Doodles Community and 30% of the tokens were allocated to the community. This requires that community members have a large financial interest in the success of the project. An additional 25% of TCV is dedicated to the Ecosystem Fund. This fund will accelerate the creation of new features, partnerships, and initiatives in the Doodles universe.
The primary development team for Doodles will take home 17% of the token supply. On top of that, 13% is reserved for New Blood, which probably factors in new developers and other key strategic hires. 10% liquidity goes directly back into $DOOD liquidity, making sure it is easily tradable across all the top crypto exchanges. The company keeps the last 5% in their back pocket to frontload strategic growth. This funding will further propel Doodles’ growth.
Analysts believe that $DOOD will eventually go all the way up to at least $0.10 to $0.12. This projection implies an FDV of $1 billion – $1.2 billion. Doodles is well-positioned in the current market. Its passionate community and the increasing demand for utility tokens in the NFT world contribute to this prediction. As with any token, the success of $DOOD will depend greatly on its ability to foster engagement and incentivize meaningful participation. Moreover, it should provide actual value to token holders.
Community Engagement and Future Prospects
Doodles has been really great about fostering the community aspect, with dozens of mini-communities across platforms like Discord and X (formerly Twitter). These sub-communities, such as China’s Doodbro Alpha, Korea’s Koodles, and various Southeast Asian groups, reflect the global appeal of the Doodles brand. This unprecedented level of community engagement is a major reason behind Doodles’ lasting value and long-term upside.
Connecting Doodles 2 on Flow was a deliberate effort to increase community engagement. Further along, it better equips users to assume greater control of their digital identities. This new metaverse-like platform allows users to create their own avatars and exchange their strengths. You can earn or purchase wearables too, creating a fun, engaging experience! With Doodles, users are able to cultivate their unique format of self-expression. This process instills a deep sense of ownership and pride within the community.
As for what’s next, Doodles could choose to airdrop $DOOD to existing community members. This would be in line with what they did with the PENGU token. This would be a good strategy to get the token into more hands at once and to reward early supporters of the Doodles ecosystem. PENGU’s performance has a cautionary tale to tell. It experienced a catastrophic price crash immediately following its debut. PENGU opened with a fully diluted valuation (FDV) of over $1.7 billion and a market cap near $1 billion. Then it plummeted by almost 82% from its high in a matter of weeks. The current volatility highlights the necessity for sustainable tokenomics and long-term value creation.
