Doodles, the former belle of the Ethereum NFT ball, has really backtracked. Now, all the DOOD eyes are on their ecosystem token’s launch on Solana, a move that has raised plenty of eyebrows across the entire Web3 industry. Stroke of genius, calculated risk or desperate ploy to ride the wave of ephemeral meme coin fame? Truthfully, it’s a bit of all three but the meme coin angle is the one that’s making everyone most nervous.
New CEO, New Risky Direction?
Scott Martin, aka Burnt Toast, the new CEO, is definitely changing the game. He challenges us to move beyond “extractive corpo” initiatives and focus on taking risk. Fine. But is hitching your wagon to Solana, a blockchain virtually synonymous with meme coins, really the right kind of risk?
Think about it. Doodles built its reputation on Ethereum. It served to create a world where the nerdy, exclusivity, and a certain... poshness. Solana, for better or worse, is the wild west of crypto. It’s where Bonk, DogWifHat, and a million other pupper-themed tokens blow up. Is this really the company Doodles wants to keep?
Solana Speed Worth the Meme Coin Stigma?
Doodles’ explanation for selecting Solana rests largely on desires for speed and accessibility. Okay, Solana is fast and cheap. Is that risk worth the potential brand dilution? Is it really worth all that to shoot the current loyal Ethereum loyalists who have believed the Doodles vision since day one in the foot? I'm not entirely convinced.
Look at the numbers. DOOD is already down about 12% on launch day, trading at $0.007. Now we know, of course, it’s still early days and all new tokens are certainly unstable. We’re not going to play games here and act like this isn’t a red flag. We've seen this movie before. Pudgy Penguins with PENGU. Azuki with ANIME. Both experienced massive price crashes post-hype. Are we destined for a DOOD repeat? It's a valid fear.
DreamNet: A Decentralized Dream or Nightmare?
Doodles is rolling out DreamNet, an AI storytelling platform on which community members can collaborate to build their own worlds and characters. Creators get rewarded in DOOD. Sounds intriguing, right? Here's the unexpected connection. This is seriously reminiscent of the early 2000s flash game website heyday. Now, they come with a Web3 twist and the possibility of real financial disaster. Will DreamNet become a colorful, humming center of creative expression? Or will it become an absolute wasteland of unimaginative content made just to earn those DOOD tokens? The truth, I would guess, is somewhere in between. The opportunity for misuse is most definitely ripe.
Martin asserts that the DOOD launch is focused on creating long-term value. His work has DOOD placed firmly at the center of the Doodles brand. Actions speak louder than words. Launching on a meme coin-dominated chain just sounds disingenuous when you profess to be about building long-term value. Frankly, it reeks of gouging short-term profits at the cost of long-term sustainability.
Here's a table comparing the performance of other NFT project tokens:
| Project | Token | Initial High (USD) | Current Price (USD) | % Decline |
|---|---|---|---|---|
| Pudgy Penguins | PENGU | 0.0004 | 0.00003 | -92.5% |
| Azuki | ANIME | 0.000028 | 0.000008 | -71.4% |
| Doodles | DOOD | TBD | 0.007 (Day 1) | TBD |
The question isn't whether DOOD will experience volatility. It's whether it can avoid the fate of so many other NFT project tokens.
Doodles must communicate its long-term strategy with transparency. It has to show the firm line into utility for DOOD beyond just guess work. It needs to reassure its community that it's not abandoning its core values in pursuit of a quick buck.
Ultimately, Doodles' Solana gamble could pay off. By moving with the times, Solana would expand its use case and bring in a more intriguing audience. It's a high-stakes game. Today, the line between a smart strategic pivot and rashly jumping on the short-lived meme coin craze is razor thin. Unfortunately, at this moment, Doodles is walking that tightrope blindfolded. This is an incredible moment but one that will only be realized with thoughtful risk taking and long term strategic thinking. Here’s to hoping that Doodles meets the occasion. We can only hope that investors step carefully and wisely into this brave new world. After all, one moment you could be a meme coin millionaire, the next, you’re just another story of what might have been.
