DOOD, the native token of the Doodles NFT collection, hit a new all-time high on Tuesday, October 7, after South Korean crypto exchange Upbit announced it would list the token.
In an X-post on October 7, Upbit said that DOOD would be available for trading in combination with Korean won (KRW) and Tether’s USDT.
DEATH chart
Shortly after the announcement, DOOD rose over 110% to a new all-time high of $0.01753; However, according to CoinGecko, the token quickly bounced back, down 36% at the time of writing.
The listing pushed Upbit to the top spot for DOOD trading, accounting for more than 66% of global volume with around $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 rose on news of the listings. Data from NFTPriceFloor shows that Doodles’ trading volume increased by 218% that day, while sales increased by 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 offering was dropped 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 fund collaborations and development within the Doodles universe. The team received 17% and Doodles Inc. retained 5%, both subject to a one-year lock-up and a three-year vesting period. The remaining 10% was allocated to liquidity provision.
In mid-September, The Defiant reported that Naver, South Korea’s largest internet company, is in advanced talks to acquire Dunamu Inc., operator of Upbit, through a stock swap deal. The move would bring Dunamu under Naver’s financial services division.
Naver is South Korea’s largest internet platform, with more than 30 million users of its mobile payment service Naver Pay and annual revenue of more than 11 trillion won (about $8 billion).