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Following Pudgy Penguins’ release of $PENGU, Doodles founder Burnt Toast (aka Scott Martin) has cryptically hinted at a potential token launch, sending the price of Doodles NFTs soaring to 8 ETH.
Doodles NFT Token Launch On the Cards?
Burnt Toast shared a message stating, “Take ownership, keep evolving new ideas, shape communities, open minds, inspire new growth,” sparking speculation within the community about an upcoming token release. Artist Nate Alex quickly fueled the rumors by responding, “token is incoming.”
t o k e n i s c o m i n g pic.twitter.com/Uj5RjS2nyw
— natealex (@natealexnft) December 19, 2024
Reacting to the buzz, the floor price of Doodles briefly climbed to 8 ETH this morning before stabilizing at 6.7 ETH—a 24-hour increase of 59.9%. The trading volume reached an impressive 4,099.53 ETH.
Over the past 24 hours, the trading volume for Doodles NFTs has surged by 61.5%, with 627 NFTs sold. The project’s market capitalization currently stands at $230,899,825.
Earlier this week, Pudgy Penguins launched its $PENGU token via an airdrop, which quickly became one of the most talked-about events on crypto Twitter. Of the total 19.2 billion $PENGU tokens, 3.8 billion remain unclaimed. Pudgy Penguins now dominate 16% of the NFT market.
While the broader crypto market experienced bullish momentum, thanks to the so-called “Trump trade”, NFTs remained relatively less profitable. However, signs of recovery are emerging. Pudgy Penguins’ successful ecosystem-building move may inspire other NFT projects to adopt similar strategies in the near future.