Binance, the world’s largest crypto exchange, recently added the Doodles (DOOD) NFT ecosystem to its Binance Alpha platform. This platform offers futures contracts for early-stage digital assets. The announcement seemed like good news, with Binance stating they were excited to list DOOD and offer futures contracts with up to 50x leverage.
Unexpected Price Drop
However, the DOOD token’s price reacted in a surprising way. Instead of rising, it plummeted. On May 9th, the price dropped from $0.00807 to a low of $0.00686 – a 12.8% decrease in just 24 hours.
About Doodles
Doodles is a collection of 10,000 unique NFTs created in 2021 by the artist Burnt Toast. The project has expanded beyond just static images, incorporating elements of storytelling and gaming. They have a community hub called “Stoodio” where users can customize avatars, collect items, and access exclusive content. Doodles has also collaborated with big names in music, including Lil Wayne, Lil Yachty, and Pharrell Williams, on projects like a music video.
What Happened?
While Binance’s support usually boosts a token’s price, this wasn’t the case for DOOD. The reasons behind this unexpected price drop are unclear and require further analysis. It highlights the volatility and unpredictable nature of the cryptocurrency market, even with seemingly positive news.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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