Doodles sales have skyrocketed more than 1,000% just this past week after announcing a $54 million funding round. Up to now, momentum remains at more than 100% per day.
According to DappRadar statistics, the project’s volume was $495,110, with a 215.38% increase in the past 24-hour. Its floor price jumped above 8.84 ETH 17.18% higher than yesterday. And its average price also recorded an increase of 11.59% at the time of writing.
Doodles just raised $54 million with a value of $704 million. Reddit co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six, led the investment round, with additional participating businesses including 10T Holdings, Acrew Capital, and FTX Ventures.
Doodles stated intentions to scale up its expansion strategy and monetize its intellectual property internationally with the support of enterprises in the music, cultural, and entertainment industries with the new funding injection.
The additional funds will be used for product development, acquisitions, proprietary technologies, media, and collector experiences. The money will also be used to hire a team of engineers, marketers, business leaders, and creatives.
The surprising increase in the price of the collection can also be attributed to these reasons.
Doodles, which was founded in 2021, has amassed one of the internet’s greatest collections of profile pictures. According to NFT Price Floor, the collection is worth a total of $121 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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