Doodles NFT Project Raises $54M At $704M Valuation

After over a month of silence on Twitter, Doodles are back with a bang.

The popular NFT project announced a $54M raise on Sep. 13 that values Doodles at an eye-popping $704M. Alexis Ohanian, the co-founder of Reddit, led the funding round through his venture firm Seven Seven Six, according to Forbes.

Doodles have generated over 1,000 ETH, over $1.5M by Sep. 13 prices, in secondary sales since the announcement. That’s good for first among all projects, and well over double the volume for heavyweights like CryptoPunks and Bored Apes in the past 24 hours.

Top 5 NFT Projects By Volume. Source: Dune

Doodles said on Twitter that the funding will be used for 18 new full-time positions including heads of finance, marketing, and business affairs. The project brought on American musician Pharrell Williams in June to serve as the company’s chief brand officer.

Floor Price Up 16%

The Doodles’ floor price has risen 16% to 8.35 ETH in the past day, according to Nansen, a crypto analytics platform. That means the cheapest Doodle is listed for just over $13,000, going by Ether’s Sep. 13 price of $1,582. 

Doodles peaked at 23 ETH in early May. The floor price has generally trended downward since then save for a small rally in early July. 

Doodles Price And Volume. Source: Nansen