The Defiant

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

Funding Round Led By Alexis Ohanian's Seven Seven Six

By: Owen Fernau Loading...

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.

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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.

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The Defiant The Defiant

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.

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Doodles Price And Volume. Source: Nansen

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