The collection of NFT Doodles shows a potential token release

Key Takeaways

The floor price of the Doodles NFT collection increased significantly after hints of a token launch.
The possible token launch follows past collaborations with McDonald's, Adidas, and Crocs, expanding Doodles beyond the crypto space.

Burnt Toast, the founder of Doodles, has mentioned a possible token release for the NFT cluster in a post on X.

take ownership, keep growing new ideas, shape communities, open minds, encourage new growth pic.twitter.com/iEBabGfwh3

– burnt toast (@burnttoast) December 19, 2024

Founder Scott Martin, also known as Burnt Toast, posted a cryptic message on the X platform earlier today:

“Take ownership, continue to grow new ideas, shape communities, open minds, encourage new growth”

Community members quickly noted that the first letters of each phrase spell “token coming” fueling speculation about a token launch for the project.

This excitement translated into market activity, with the floor price of the collection rising from 4.3 ETH to 6.5 ETH, according to CoinGecko Database.

With this increase, Doodles has solidified its position as the sixth largest NFT collection by market cap, valued at $220 million.

The buzz surrounding a potential token release follows Doodles' recent collaboration with McDonald's, which was launched just a month ago.

The partnership, titled “GM Spread Joy,” features Doodles artwork on more than 100 million limited-edition McCafé holiday cups, available at McDonald's locations across the United States.

In addition to the McDonald's collaboration, Doodles has also partnered with major brands such as Adidas and Crocs to release exclusive clothing, toys and online digital experiences.

The move by Doodles mirrors a broader trend of NFT clusters launching native tokens to expand their ecosystems.

Pudgy Penguins, for example, recently launched their token, PENGU, which saw an initial boom but then collapsed. 50% shortly after its airdrop.