Will Moonbird’s $BIRB Be Any Different from Every Other Failed NFT-Memecoin?

Following in the footsteps of Pudgy Penguins and Doodles, Moonbirds will today join Solana’s chaotic memecoin economy. 

With 65% of $BIRB’s supply allocated to the community, traders and investors across the industry are eagerly awaiting what could be a considerable airdrop. However, commentators have argued that the sheer breadth of $BIRB’s distribution may well be its undoing.

Will Moonbirds succeed where other NFT collections have failed?

Moonbirds Joins Pugdy Penguins, Doodles on Solana

At 11 AM UTC, Moonbirds launched $BIRB, a Solana memecoin designed to expand the Moonbirds universe and bring the brand to a larger audience. Moonbirds becomes the third Ethereum-based NFT collection to join Solana’s meme economy, joining fellow NFT stalwarts Pudgy Penguins and Doodles.

Seeking to avoid the devastating sell-offs that similar NFT memecoins have faced on TGE, Moonbirds has introduced certain measures to align holders with the brand long-term. 

Aside from teasing a Squid Game-esque game theory experiment, Moonbirds holders with “nested” NFTs will receive their $BIRB allocations vested over the course of 24 months.

Onchain data suggests that $BIRB was launched at a $69M FDV, before climbing rapidly to over $290M. At press time, it’s important to note that airdrop claims have not begun, greatly limiting any potential sell pressure.

According to Polymarket, traders expect $BIRB to finish its first day’s trading somewhere with an FDV somewhere between $100-200M.

Will $BIRB’s 65% Community Allocation Pay-Off?

As is often the case with tokenomics announcements, social media commentators and KOLs inflicted a spate of criticism on the Moonbirds team over various $BIRB allocations.

Disappointment with $BIRB tokenomics was glaringly evident in NFT markets. In the wake of the announcement, Moonbird’s floor price crashed 50% to as low as 0.86 ETH, before rebounding to currently trade at 1.09 ETH.

In a bid to welcome as many new supporters into the ecosystem as possible, Moonbirds executed a large-scale awareness campaign using SBTs (Soul Bound Tokens). Partnering with some of the biggest teams across Solana, like Seeker, Jupiter, and Orca, Moonbirds has issued SBTs to active Solana network participants.

One of the biggest concerns expressed by the Moonbirds community was that newcomers and “friends” of the collection would be receiving preferential unlock terms. 

While Moonbird’s long-standing supporters need to endure a 24-month vesting curve, other airdrop recipients will have their full $BIRB allocation unlocked at claim.

How Have NFT-Memecoins Performed in the Past?

If history is any indication of the future, $BIRB has a tough road ahead. Memecoins launched by NFT collections have typically struggled to retain value, with Azuki’s $ANIME and Milady’s $CULT bleeding out incessantly since launch.

However, one could argue that Solana’s thriving economy poses more fertile ground for ambitious NFT-memecoins. In contrast to $ANIME and $CULT’s down-only trajectory, coins launched on Solana, like $PENGU and $DOOD, have both shown brief spikes in interest and trading activity.

Undeniably, the previous performance of all NFT-memecoins leaves much to be desired and places low expectations on $BIRB. However, some traders are optimistic that the long vesting periods for investors and NFT holders could force a supply and liquidity crunch, suggesting that $BIRB “feels like it’ll be crimed”.

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