It was supposed to be a great success and a return to the top, but it ended with a carnage on the charts. The creators of Moonbirds finally revealed the cards regarding BIRB tokenomics and… well, to put it mildly, the community did not burst into applause. Instead of going up, we had a painful descent. When investors heard about the two-year period of freezing their funds, they reacted immediately – running away with the capital. Effect? The value of the collection was halved.
Nesting 2.0, or a golden cage for loyal ones?
The plan on paper even looked sensible: a supply of one billion tokens, of which the lion’s share (65%) is given to people. But, as is usually the case in crypto, the devil is not only in the details, he had a party there.
To smell the airdrop at all, you need to enter the so-called Nesting 2.0. In short: you lock your NFTs in the protocol and in return you get Soulbound tokens (SBT). These are digital certificates that cannot be sold or transferred – they are welded to your wallet. The team says it’s building “long-term loyalty.” Investors see it differently: it is simply an attempt to force people to stay in the project.
Two years of waiting? Thank you
However, the real storm broke out over the payment schedule. If you were counting on a quick cash injection, I have bad news. BIRB tokens will be released drop by drop, every month, for two years.
Yes, holders of Moonbirds and Oddities are guaranteed 25% of the pool, but the prospect of waiting 24 months for full liquidity acted like a cold shower on speculators. So what if you get scraps for the first month to start with, if the rest of your capital is frozen while the crypto market changes in five minutes? Exceptions for the select few (those with prior SBT) only added fuel to the fire.
Crash in numbers
The market takes no prisoners and this time it was no different. Before the news was announced, the minimum price was around 1.74 ETH. Moments after publication? Exit to 0.95 ETHi.e. the surrounding area $2,900.
Why so? It’s simple, no one likes to have their hands tied in this sector. People who were counting on a quick profit from airdrop decided that they would rather escape with the remnants of capital than commit to the project for the next few years. Moonbirds is today a textbook example of how easy it is to burn the trust of the Web3 community. You can build “sustainable foundations”, but if you do it at the expense of investors’ liquidity, prepare for an evacuation.
