The Doodles NFT collection has seen a dramatic price increase of 62.5% in the past 24 hours, with the price currently reaching 6.97 ETH. This sudden rise was caused by a recent post from the collection's founder, Scott Martin, also known as Burnt Toast. But what exactly caused the excitement?
What's coming?
Burnt Toast recently shared a thought-provoking message about the X for the Doodles community: “Take ownership, keep evolving new ideas, build community, open minds, and inspire new growth.” did. At first glance, it seemed like a simple motivational statement.
However, a wise community member quickly deciphered the first letter of each word, revealing the message: “Tokens are coming.” This led to speculation that Doodles was planning to issue its own token.
Doodles takes control.
In just 24 hours, Doodles surpassed all top 5 NFT collections. A staggering 62.5% price jump has propelled it to 6th place on the list of top 10 NFT collections by market capitalization.
Doodles currently has a market capitalization of 69,686 ETH, worth approximately $228.7 million. The 24-hour trading volume was 4,930 ETH (approximately $16.2 million), and 741 sales were recorded on the last day. Over the past 30 days, Doodles has experienced a significant growth of 196.5%.
Partnerships you should know about
A key driver of Doodles' success is our strategic partnerships with leading brands. Most recently, the collection partnered with McDonald's to feature the company's artwork on more than 100 million limited edition holiday cups. This partnership has significantly increased Doodles' profile and the cups are now available at McDonald's locations across the United States.
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But McDonald's is just one of several top brands Doodles has collaborated with. Previous partnerships with Adidas and Crocs have included exclusive apparel, toys and online digital experiences, helping to further raise the profile of the collection.
Broader NFT trends in token launches
While Doodles is surging, other NFT projects such as Pudgy Penguins are facing more volatile market movements. Pudgy Penguins recently launched the token PENGU. This was initially controversial and pushed the price up to 34.80 ETH. However, the excitement quickly waned as the token has since fallen 37.4% over the past week and 10.1% in the past 24 hours alone.
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Looking ahead, Doodles' potential token launch could be a significant step forward for the collection. With strong partnerships and growing market momentum, Doodles is well-positioned for continued success in the NFT space.
