Doodle's Token, $DOOD, Plunges 50% After Launch, Team Remains Unfazed As They Outline Future Plans

$DOOD, the native token for the blue-chip non-fungible token (NFT) collection, Doodle, has plunged by more than 50% since its launch on May 9, 2025. Although $DOOD hasn't performed well, the Doodle team has explained what they hope to do with the token.

$DOOD Falls Flat After Launch

Doodles is one of the most iconic NFT collections. Launched as a collection of 10,000 unique NFTs in 2021, the project hit a valuation of over $705 million in 2022. Even now, the collection still has a floor price of 1.33 ETH or $3,310+. 

Because of this, there was so much excitement when the $DOOD, a native token for the NFT collection, was announced. 43% of $DOOD's 10 billion supply was reserved to be airdropped: 30% allocated to Doodles holders and 13% for New Blood. $DOOD was airdropped on Friday, May 9, to eligible community members. 

Still, $DOOD hasn't performed very well since it was released. Since its launch, the price of $DOOD has fallen by more than 50%, per data from CoinMarketCap. It shows the price of $DOOD has plunged from a high of $0.01057 on May 9 to $0.00610 on May 13.

DOOD/USD Chart. Source: TradingView

The market cap of $DOOD, which stood above $100 million at its peak, is now at $47.66 million. The sudden decline has caused people in the crypto community to worry, as early investors deal with big losses.

Doodle Team Address Massive $DOOD Price Plunge

Despite the falling price of $DOOD, the Doodle's Token development team has stayed very confident. In several public messages and updates to the community, they have continued to support the $DOOD token. Austin Hurwitz, Doodle's head of strategy and business development, has spoken about the recent price crash.

Hurwitz said the sudden price drop of $DOOD after it launched was "expected." He explained that selling pressure from those who received the airdrop played a huge role. As a result, Hurwitz said the performance of $DOOD should not be judged based on its price just after launch. This is a common trend among airdrops.

After the sell-off, Hurwitz expects the $DOOD tokens to rotate hands to those who want to hold for the long term. Despite the sell-off, there are still more than 157,000 wallet addresses holding the $DOOD token, per SolScan.

The Big Picture for $DOOD

$DOOD has its background as a memecoin and a rewards token, but Hurwitz has painted a much bigger picture for the token. $DOOD was created to be a foundational piece in the Doodles ecosystem. In a post, Hurwitz explained that $DOOD is "the first universe token" of DreamNet.

Doodles built DreamNet, a protocol centered around content, and they run it on Coinbase's Base chain. DreamNet is designed with the belief that while people can create things on the internet, having common ground matters for making a real impact. Large media brands rule the space because they own the intellectual property and the large datasets needed for generative systems.

DreamNet proposes an alternative: a protocol that hands over similar tools to communities. It sets up a way for every fictional universe to have its own token, and for characters, places, and other ideas to be tokenized and used together within a single framework.

These tokens represent ideas that build up a shared story universe, and anyone—AI, fans, or developers—can use them to build new stories, remix content, and make derivatives. The token will be used in rewarding coherence, collaboration, and community investment. This is similar to what Pudgy Penguin is trying to achieve.  

$DOOD is the first of these kinds of tokens. The success of DreamNet will lead to the creation of many more tokens like $DOOD. This is what the big picture looks like for $DOOD. As part of this vision, $DOOD will be integrated as a usable currency in the Doodles shop.

What Does the Future Hold for $DOOD?

In the coming months, $DOOD will be used to improve the DreamNet tools, including the Agent Terminal, how Places are created, and indexing into the Vector Worldstate. Since OG Doodles NFT holders come first, they'll get to use these features ahead of time and might get more perks or a say in governance as things develop.

Holding the $DOOD token is betting on the DreamNet vision. So, while it has underperformed in the first week of its launch, if DreamNet achieves its vision, the value of $DOOD could increase.