NFT communities are progressively reviving their tokens in the memecoin sector. This type of coin seems to be pretty much succeeding in crypto, as it combines utility with meme-driven culture.
Recently, Moonbirds NFT followed this path. However, it remains to be known if the memecoin can replicate the similar success as that of Pudgy Penguins [PENGU].
Will Moonbirds mirror PENGU’s success?
As the first of the year closed, Moonbirds NFT revived their collection with the launch of BIRB memecoin.
Moonbirds NFT revived their collection of 10,000 Owl PFPs, now focusing on governance, staking, and rewards to enhance the memecoin’s utility.
As per data from CoinGecko, BIRB surged over 83% upon listing on the Upbit exchange, Asia’s biggest crypto exchange.
Others, such as Bithumb, followed the listing. Another 11% extended this rally in the past 24 hours, bringing BIRB’s two-day total price gains to 94%.
Source: CoinGecko
Upon listing, the market cap jumped to over $200 million while volume surpassed $60 million.
That said, BIRB seemed to be on a similar trajectory as that of PENGU. PENGU emerged from a similar approach and went on to surpass a cap of $1 billion, though it has since retraced to around $475 million at the time of writing.
However, its community needs to be as strong as that of PENGU to achieve similar success.
On-chain and numerical data could offer insights if this were possible, especially with the fact that markets were weak. Is the timing wrong, or will the memecoin beat the broader market sentiment?
Smart money accumulation activity intensifies
Just a week after the launch, the memecoin is catching the attention of the smart money. StalkChain’s data revealed that this lot acquired more than $191K, making it the most bought token over the past 24 hours.
Source: StalkChain
This amount was almost double the number of Useless Coin [USELESS] bought over the same duration. It was also more than the number of Hyperliquid [HYPE] tokens purchased by informed investors.
Is this chain activity trend set to bolster the technical outlook, which was in a pullback phase?
Is the BIRB pullback over?
The charts showed that BIRB was breaking above the descending resistance that came into play after peaking at $0.41. The price action was also bouncing from a retest zone of the sideways movement that kept the price between $0.209 and $0.280.
Numerically, to hit a cap of over $1 billion as PENGU at some point, BIRB bulls needed to up activity.
Interestingly, this seemed to be the case, as the Stochastic RSI was bouncing from the oversold territory, approaching the neutral zone.
Source: TradingView
Similarly, bear strength was diminishing, showing that bulls were succeeding in taking them out. However, some traders were wary of the post-pump pullback, which was underway.
Again, achieving a PENGU-like trajectory was challenging, considering that the crypto markets were weak.
Final Thoughts
- The Moonbirds NFT collection revived as a memecoin eyeing PENGU-like success.
- Although smart money accumulation, volume, and market cap surged, there were uncertainties about the sustainability of this trend.
