Doodles Token Hits Record High After Korean Debut

DOOD, the native token of the Doodles NFT collection, hit a new all-time high on Tuesday, Oct. 7, after South Korean crypto exchange Upbit announced it would list the token.

In an X post on Oct. 7, Upbit said DOOD would be available for trading paired with Korean won (KRW) and Tether’s USDT.

Shortly after the announcement, DOOD soared by over 110% to a new all-time high of $0.01753; however, the token quickly retraced, down 36% as of press time, according to CoinGecko.

The listing pushed Upbit to the top spot for DOOD trading, accounting for over 66% of global volume with roughly $190 million traded in the DOOD/KRW pair that day, surpassing Bybit and Gate’s USDT-based DOOD volumes, CoinGecko shows.

NFT metrics for the collection also spiked amid the listing news. Data from NFTPriceFloor shows that Doodles’ trading volume jumped 218% on the day, with sales up more than 190%.

Doodles launched the DOOD token in May as part of an effort to expand its ecosystem beyond NFTs and introduce broader community participation. According to the project’s tokenomics, 30% of the supply was airdropped to existing Doodles holders, while 13% was reserved for “New Blood,” a program designed to attract new users.

Another 25% went to the Ecosystem Fund to finance collaborations and development within the Doodles universe. The team received 17%, and Doodles Inc. retained 5%, both subject to a one-year lock and three-year vesting period. The remaining 10% was allocated to liquidity provision.

In mid-September, The Defiant reported that South Korea’s biggest internet company, Naver, is in advanced talks to acquire Dunamu Inc., the operator of Upbit, through a stock-swap deal. The move would place Dunamu under Naver’s financial services division.

Naver is South Korea’s largest internet platform, with over 30 million users of its mobile payment service Naver Pay and annual revenue exceeding 11 trillion won (around $8 billion).