The newly launched DOOD token from Ethereum-based NFT project Doodles has seen a steep drop in market capitalization following its May 9 airdrop on the Solana network.According to data from DEX Screener, DOOD’s market cap fell from over $100 million shortly after launch to around $60 million at the time of writing.Overall, the much-anticipated airdrop was “[d]efinitely underwhelming,” a crypto commentator said in a May 9 X post. DOOD token performance on May 9. Source: DexScreenerRelated: Doodles NFT sales surge 97% ahead of DOOD token airdropFalling NFT values Joining the trend, NFTs in Doodle’s flagship collection sharply dropped in value on May 9.The collectibles are down roughly 60% to less than 1.5 Ether (ETH) per NFT from about 3.5 ETH on May 8, according to OpenSea. As of May 9, the NFTs are collectively worth around $31 million, according to data from CoinGecko. The price of Doodles NFTs dropped by roughly 60% after the airdrop. Source: OpenSeaNFT prices often dip immediately after an airdrop, as holders look to capitalize on their allocations by selling into the market. For instance, sales of Doodles’ NFTs surged by some 97% on May 8 in anticipation of the airdrop. Over the past week, Doodles clocked