Moonbirds NFT has revived its collection with the launch of the BIRB memecoin, following the path of projects like Pudgy Penguins. The new token surged over 83% upon listing on Upbit, reaching a market cap over $200 million. On-chain data indicates significant “smart money” accumulation, though questions remain about its ability to replicate PENGU’s success in weak market conditions.
The Moonbirds NFT collection has been revived through the launch of the BIRB memecoin, shifting focus to governance, staking, and rewards. This move mirrors the approach taken by the successful Pudgy Penguins [PENGU] project.
Data from CoinGecko shows BIRB surged over 83% upon listing on the Upbit exchange. The rally extended another 11% in the following 24 hours, bringing two-day total gains to 94%.
The token’s market capitalization jumped to over $200 million with volume surpassing $60 million. PENGU, which emerged from a similar strategy, previously surpassed a $1 billion cap before retracing to around $475 million.
According to StalkChain data, smart money investors acquired more than $191,000 worth of BIRB in a 24-hour period. This made it the most purchased token, outpacing acquisitions of Useless Coin [USELESS] and Hyperliquid [HYPE].
Technical analysis indicates BIRB was breaking above a descending resistance after peaking at $0.41. The price action was also bouncing from a retest zone of a sideways movement between $0.209 and $0.280.
The Stochastic RSI was bouncing from the oversold territory, approaching the neutral zone. Analysts note that bear strength was diminishing, showing bulls were succeeding.
However, some traders remain wary of a post-pump pullback. Achieving a PENGU-like trajectory is considered challenging given broader weak crypto market sentiment.
