Doodles, Cool Cats, and Sappy Seals NFTs Rally on Token Speculation

Less than a week after the release of PENGU, legacy NFT collections Doodles and Cool Cats are teasing upcoming token drops for holders.

On Dec. 19, the Doodles collection’s artist, Burn Toast, tweeted, “take ownership, keep evolving new ideas, shape communities, open minds, inspire new growth.” Doodles holders were quick to point out that the first letter in each word spells out the phrase, “token is coming.”

Meanwhile, the Cool Cats were a little more direct with their token-drop hint, after a recent Cool Cats short featured a clip that included a character paying for a coffee with what appears to be tokens.

Both collections rallied yesterday upon the speculation, with Doodles surging as much as 80% to a 7.7 ETH floor price, from 4.3 ETH. Cool Cats increased by as much as 72% to a 1.9 ETH floor from 1.2 ETH.

The Sappy Seals collection also made a strong move on Dec. 19, after announcing that their upcoming pet battle and adventure game, Omnia, would launch on Monad.

Speculators quickly swept up Seals NFTs in an attempt to front-run a potential Monad token allocation narrative, and the Sappy Seals moved to 1.15 ETH from 0.8 ETH, a 44% increase.

Rumors surrounding an airdrop for OpenSea, one of the leading NFT marketplaces, is likely also fueling NFT volumes. OpenSea just introduced the OpenSea Foundation, which traders speculate is a decentralized organization committed to launching and supporting a future platform token.

Despite the increase in floor prices, some users have criticized the collections and their swift pivot to memecoin drops, particularly the Cool Cats collection. Cool Cats launched an official token dubbed MILK in February 2022.

MILK, which launched on Polygon when Cool Cats attempted a take on GameFi, opened up trading at around a $15 million market capitalization, and now changes hands at a $400,000 valuation, a 97% drop.

PENGU, which launched on Dec 18, resulted in a massive floor price surge for the Pudgy Penguins NFTs as the collection rallied as high as 37 ETH from their pre-announcement price of 14 ETH. The token opened up at a $6 billion valuation, and is currently trading at a $2.5 billion fully diluted valuation (FDV), which is 108% higher than the Bored Ape Yacht Club’s APE token.

While the floor prices are pumping, other investors are hesitant to see the correlation between the PENGU token drop, and memecoins from other legacy collections.

An NFT investor known as Beanie on social media said “I’m nowhere near as positive on other NFT dino collections having the same level of success by simply creating a random memecoin around a brand that doesn’t have the same untapped goodwill and reach."