Moonbirds has entered the Solana ecosystem with the launch of its native token BIRB. According to CoinGecko data, the token rose from $0.20 to a high of $0.45 after listing, before settling near $0.31 at the time of writing, up about 90.6% on the day. BIRB’s circulating market capitalization stood at roughly $99 million, while its fully diluted valuation reached about $347 million.
Strong first-day trading pushed valuation above prediction market levels
BIRB drew heavy buying interest on debut, and its valuation moved well above the level implied by the related Polymarket market tracking “FDV one day after launch.” For Moonbirds, long known as a blue-chip Ethereum NFT project, the Solana token launch brought immediate attention. The move higher was sharp, and the pullback to around $0.31 showed that volatility remained high through the first trading session.
Token allocation became the main source of community anger
The rally in price was quickly overshadowed by criticism of the tokenomics. The team said BIRB has a total supply of 1 billion tokens, with 65% assigned to “community-related allocation.” But only 27% is set aside for direct rewards to NFT holders. The rest of that bucket is split among ecosystem partners at 12%, value chain incentives at 10%, liquidity at 8%, and an “innovation fund” at 8%. By comparison, the team keeps 10%, while investors and advisors receive a combined 25%.
Nesting 2.0 locks NFTs while rewards vest over 24 months
Another flashpoint was the unlock structure tied to Nesting 2.0, which the team announced on Jan. 27. Under the plan, users can deposit eligible Moonbirds ecosystem NFTs into the protocol. Those NFTs cannot be freely traded while deposited. In exchange, holders receive a soulbound token, or SBT, as proof of participation, but the actual BIRB rewards are not fully available right away and instead vest on a 24-month linear schedule.
For holders who expected to claim an airdrop without a long lockup, that design changed the equation. After the details became public, the floor price of Moonbirds NFTs on Ethereum dropped by more than 30% in less than a day, briefly falling to 1.10 ETH, a level described in the report as matching the weak range seen in mid-2025.
NFT collector spida said many people were disappointed by the small direct allocation to the community and the long vesting period, especially as the value of their NFTs fell so sharply.