NFT brand Doodles is set to introduce its own Solana-based token, DOOD, with a total supply of 10 billion. The project plans to release 30% of the supply to the Doodles community and 25% to the ecosystem fund.
introducing $DOOD, the official token of Doodles.
the creative revolution is here. pic.twitter.com/123ksyVSUH
— doodles (@doodles) February 13, 2025
Additionally, 17% to the team, 13% to “new blood,” 10% to liquidity providers, and the company will retain 5%, per the announcement. The token is also expected to be connected to Coinbase-funded Layer 2 Base at a later point in time.
Doodles first launched as a set of 10,000 digital collectibles but has since entered other areas of entertainment, such as animation and music. The brand has also collaborated with McDonalds, which has brought the brand into the prevalent popular culture. Within the period between February 2 and February 9, the trading volume reached $2.46 million in Doodles.
DOOD’s launch comes on the heels of the release of PENGU, a Pudgy Penguins token introduced on Solana in early December 2024. The move marks an increasing trend of NFT brands going tokenizing.
In an interview, Martin stated that DOOD will start as a meme coin and then evolve into the utility token of the Doodles gaming ecosystem. He further added that he’d rather not “call it a meme coin, per se.” He explained that the business needs to comply with US securities rules before introducing new product functions.
After Trump’s win, the policies governing crypto tokens have experienced notable changes. In the previous regime, such launches were legally uncertain. However, with the current president interacting with the crypto space, projects like DOOD are being allowed to proceed with fewer regulatory obstacles.
Solana’s Rising Revenues
The Solana ecosystem as a whole saw its application revenues grow rapidly due to growing memecoin trading activities. Crypto research firm Messari revealed that Solana exceeded previous application revenue by 213% during Q4 of 2024. The company generated $840 million in revenue during Q4, which reached its highest point of $367 million in November.
Memecoin launchpad Pump.fun raised $235 million through its operations, a 242% boost from the previous quarter. DeFi platform Photon generated $140 million, while Raydium brought in $74 million in the fourth quarter.
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