Doodles has announced the launch of a new token, $DOOD, on the Solana blockchain, which will play a critical role in their strategy to enhance community engagement.
$DOOD Tokenomics: Supply Allocation
Doodles has unveiled a structured allocation plan for its 10 billion $DOOD tokens: 30% will go to the Doodles community, 25% to an ecosystem fund, 17% is reserved for the team, 13% for 'new blood', 10% for liquidity providers, and 5% retained by Doodles Inc.
Doodles' Strategic Shift
Initially launching as a 10,000-piece NFT collection, Doodles expanded into entertainment and music. However, criticism arose for prioritizing corporate deals over the original community. New CEO Scott Martin acknowledged this issue and intends to refocus on the Doodles community.
$DOOD: A Memecoin or Something More?
Initially touted as a memecoin, Scott Martin clarified that $DOOD will evolve into a utility token over time, adhering to regulatory requirements. Plans to move to the Base network suggest potential for multi-chain use.
Doodles is making a significant move in developing its ecosystem by launching $DOOD, aiming to use it not only as a memecoin but also as a utility token to drive innovation and community engagement.
