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Author: flowie, ChainCatcher As the crypto community wails, many "legacy" projects born in the last two cycles are announcing their token launches one after another. Last night, OpenSea announced the launch of the $SEA token, followed by Doodles, which also announced the launch of the $DOOD token on Solana. This comes after the likes of Pudgy Penguins and Azuki, as two more NFT leaders join the token issuance frenzy. Not only in the NFT space, but also in the privacy projects that were popular in the last cycle but have almost disappeared in 2024, it seems that they are also trying to extend their lives through token issuance. Last night, Aztec Network, an Ethereum privacy layer backed by investment giants like a16z and Paradigm, established a foundation, possibly in preparation for an upcoming TGE. Pudgy Penguins, which issued tokens when they were ignored, saw their NFT floor price soar from 11 ETH to 35 ETH due to extremely high yield expectations from community players, with the opening FDV of their token PENGU exceeding $6 billion at its peak. Following the demonstration effect of Pudgy Penguins' token issuance, many blue-chip NFTs have collectively announced their token launches. However, compared to Pudgy Penguins, other NFTs that followed suit seem to have not garnered as much attention, and their NFT and token popularity is far below that of Pudgy Penguins. In mid-January, another blue-chip NFT, Azuki, announced the launch of the ANIME token. While the NFTs within the Azuki ecosystem saw some recovery, the price increases were generally modest, far from the gains of Pudgy Penguins. The Azuki series NFTs saw a daily increase of 17.42%, while other related series NFTs did not show significant rises. In December last year, after Doodles NFT founder Burnt Toast hinted at a token issuance in a tweet, the floor price of Doodles surged in a short time, breaking above 8 ETH before falling back to 6.7 ETH, marking a nearly 60% increase within 24 hours. After the official token announcement this morning, as of the time of writing, the Doodles NFT floor price remains at 4.449 ETH. Once the leading NFT platform, OpenSea, received mixed reactions from the community after revealing its token issuance news. During the NFT boom in 2021, OpenSea raised funds aggressively, with its valuation soaring to $13 billion. While the community actively traded in anticipation of airdrops, OpenSea insisted on pursuing an IPO route, facing backlash from the community. Now that the NFT market has cooled down, OpenSea is following Pudgy Penguins in issuing tokens without having achieved an IPO. In response, crypto KOL @BroLenoAus criticized, "This is OpenSea's last harvest before it turns into a zombie, essentially a death struggle," stating that after receiving the OpenSea airdrop, he would firmly choose to short it. Additionally, the newly launched platform OpenSea 2.0 (OS2), which was prepared for the TGE, has limited free access during the private testing phase to only Gemesis NFT holders, while other users must join a waiting list, causing dissatisfaction among community members who feel it favors early users and neglects the existing user base. However, @ElvisPoldark believes there is a positive side, suggesting that the new features of OpenSea 2.0, leveraged by the token issuance, may provide a new experience and compete with rivals like Blur. For instance, OpenSea 2.0 offers a one-stop service for NFTs and tokens, allowing users to purchase NFTs and tokens across multiple blockchains without manual bridging. Currently, more details about the airdrops and TGE for Doodles and OpenSea have yet to be finalized, and whether they can gain user support remains uncertain. Learning from the experiences of Pudgy Penguins and Trump tokens, "token issuance" may become a lifeline for old projects rather than reinventing the narrative. However, these former leaders backed by VC giants are facing significant bottlenecks and trust crises in their own businesses. OpenSea, once the largest NFT trading platform, peaked at a monthly trading volume of $5 billion in early 2021. However, according to Dune Analytics, its NFT trading volume last month was approximately $190 million, less than 4% of its peak. Faced with challenges from competitors like Blur and Magic Eden, OpenSea's market share has dropped from 90% in 2022 to around 30%. OpenSea is also facing regulatory compliance challenges. Meanwhile, the floor price of Doodles has fallen from a high of 25 ETH to 4.449 ETH. During the previous bear market, Doodles attempted to save itself by selling IP and related products, but the results have been minimal. As a star project in Ethereum privacy, Aztec Network raised over $100 million in four rounds of financing, with top investment teams like a16z, Paradigm, Coinbase Ventures, and HashKey Capital participating. However, after raising $100 million, Aztec Network suddenly announced a business transformation in March 2023, shutting down its DeFi privacy bridge project Aztec Connect and focusing on two new main products: a general-purpose development language Noir that supports zero-knowledge proofs and a new privacy blockchain. Facing the transformation and the delayed airdrop, community users have expressed disappointment towards Aztec, and since then, the project has not made significant progress or impact. Currently, in a market lacking liquidity and innovative models, where market attention is no longer easily captured by old narratives and VC tokens, it is a significant challenge for old narratives and projects that have lost some trust to attempt to reverse their fortunes through token issuance.

Doodles is launching its own Solana-based token, DOOD, with plans to eventually bridge it to the Layer 2 platform, Base. The token’s total supply will be capped at 10 billion, with the majority allocated to the Doodles community and an ecosystem fund. The popular NFT brand Doodles is expanding its presence with the launch of DOOD, a Solana-based token. The total supply of the token is set at 10 billion, with 30% reserved for the Doodles community, 25% for the ecosystem fund, 17% for the Doodles team, 13% for "new blood," 10% for liquidity, and 5% allocated to the company. This move signals the brand's continued push into the digital economy, with plans to bridge the token to Base, a Layer 2 network incubated by Coinbase. The DOOD token launch follows the trend set by other prominent NFT brands like Pudgy Penguins , which recently introduced its token, PENGU, with a supply of 88.8 billion on Solana. Doodles, originally launched as a collection of 10,000 collectible NFT artworks, has grown significantly and now engages in animation, music, and high-profile partnerships, including collaborations with global brands such as McDonald’s. The $DOOD token aims to empower the Doodles community by allocating a significant portion of the supply to its fans. With 68% of the tokens going directly to the community, Doodles emphasizes its commitment to decentralization and fan engagement. Only 5% will go to the company, 10% will be used for liquidity, and 17% will be retained by the team to further develop the ecosystem. Doodles’ impressive rise in the entertainment industry, with billions of views on its animations and music and partnerships with major brands, reflects the growing influence of the project. The launch of the $DOOD token marks a pivotal step in Doodles’ mission to build a lasting movement, leveraging its global community and expanding digital economy. Since the announcement of the $DOOD token, the floor price of the Doodles NFT collection has surged by 12.4%, signaling a rise in excitement and interest surrounding the brand. The anticipation for the token is driving more collectors and investors to engage with the Doodles ecosystem, further elevating the value of Doodles NFTs. As the token launch progresses, Doodles is poised to push the boundaries of decentralized engagement, offering fans new ways to participate and influence the future of the brand. The $DOOD token is set to become a cornerstone of this new era in the NFT and entertainment space.

Meme coin market down, with total market cap at $75.6B, a 1% drop in 24 hours. Top meme coins like $PENGU and $WIF are seeing the biggest losses.

Recent Market Performance Bera Coin ( $BERA ) has recently seen a sharp decline in price, dropping from its peak levels amid a post-airdrop sell-off. The token, which initially experienced a surge due to strong hype and Binance’s support, has faced increasing selling pressure from early investors cashing out. As a result, the price has struggled to maintain its earlier gains, reflecting a volatile market sentiment. Negative Funding Rates Indicate Bearish Sentiment One of the key indicators of market sentiment is the funding rate for perpetual futures contracts. BERA’s funding rate on Binance has hit -2%, suggesting that traders are increasingly shorting the asset. A negative funding rate typically means that there is more demand for short positions, indicating that market participants expect the price to continue declining. Technical Indicators Reflect Weakness Several technical indicators confirm the bearish trend in BERA. The Relative Strength Index (RSI) has fallen from overbought levels, indicating a weakening momentum. Additionally, the Chaikin Money Flow (CMF) has turned negative, suggesting that money is flowing out of BERA rather than into it. Both of these indicators point to continued selling pressure, making a short-term recovery uncertain. Impact of Airdrop and Early Sell-Off The recent price drop can be largely attributed to the post-airdrop sell-off, where early recipients of $BERA tokens offloaded their holdings for quick profits. This phenomenon is common among newly airdropped tokens, as traders take advantage of free distributions to cash out early. Similar trends have been observed with other airdrops like HYPE and PENGU, further reinforcing the pattern of weak post-airdrop performance. Whale Activity: Mixed Signals Despite the bearish sentiment, large investors (whales) have shown mixed signals regarding $BERA . Recently, a significant trader shorted BERA, earning approximately $589,000 in profit, suggesting a lack of confidence in the short-term price trend. However, another whale took a long position, indicating that some investors still see potential upside in BERA’s future. This split sentiment among major holders adds uncertainty to the market outlook. Market Volatility and Risk Factors The high volatility of $BERA remains a concern for traders. Sharp price swings indicate that the token lacks stable buying support, making it prone to rapid declines. Additionally, the broader crypto market has shown signs of cooling down, which could further weigh on BERA’s performance. Investors are advised to exercise caution and implement risk management strategies when trading this token. Possible Support and Resistance Levels Based on recent price action, $BERA is facing a critical support level around $4.89. If this level holds, the price could stabilize and enter a consolidation phase. However, a breakdown below this support could trigger further declines. On the upside, the nearest resistance zone is around $7.02, where strong selling pressure may prevent the token from recovering quickly. Potential for Rebound or Further Decline? While the current sentiment remains bearish, a potential rebound scenario could occur if market conditions improve. If selling pressure eases and demand picks up, $BERA could attempt a recovery toward higher resistance levels. However, in the absence of strong buying momentum, the token is likely to remain under pressure in the short term. Final Thoughts: Uncertain but Watch Closely $BERA Coin is currently in a critical phase, with market sentiment largely negative due to its post-airdrop performance and declining funding rates. However, the presence of whale activity and Binance’s continued support could provide a foundation for future growth. Traders should closely monitor funding rates, whale movements, and key technical levels to gauge the next potential move in BERA’s price.