Moonbirds, a popular NFT project on Ethereum, debuted its native token BIRB on Solana today, Jan. 28. The price rallied from around $0.20 to above $0.35 within the first few hours of trading and is currently trading near $0.30, up nearly 70% since it launched this morning, according to CoinGecko data.
At that price and based on the project’s tokenomics, BIRB has a fully diluted value of about $303.5 million and market capitalization of $86.5 million, already well above where a relevant Polymarket market projects the FDV will stand one day after launch — defined as 4:00 p.m ET tomorrow.
The launch follows the team’s release of BIRB’s tokenomics on Tuesday, which revealed that 65% of the token’s 1 billion supply was allocated to the broader community.
Of that share, however, 27% is allocated for holder rewards, 12% for ecosystem partners, 10% for value chain incentives, 8% for liquidity, and 8% for “innovation,” what the team described as a “strategic reserve dedicated to future-proofing the ecosystem.”
The team retains 10%, while investors and advisors hold 25%.
Some Moonbird ecosystem NFT holders expressed frustration, mainly over the size of the token reward allocation, as well as timing issues around claiming rewards.
While Soulbound Tokens (SBTs) — which act as a claim for “nested NFTs” — are fully issued at launch, nested NFTs get their BIRB on a monthly basis over 24 months, the team outlined in a separate X post on Jan. 27.
Nesting involves a process much like staking — users deposit an eligible NFT from the Moonbird ecosystem into a “nesting protocol" to keep it from trading on the open market, and can claim BIRB token rewards for doing so.
Shortly after the tokenomics and Nesting 2.0 details were revealed, Moonbirds’ NFT floor dropped over 30% to 1.10 ETH, a level last seen in July 2025, per data from NFTPriceFloor.
“Many people are unhappy with the small share of tokens allocated to the community and with the long vesting period. I have given this a lot of thought, and it is hard not to feel disappointed seeing my NFTs lose so much value,” NFT collector X user spida wrote in a post today, referring to the drop in floor prices after the tokenomics were released.
