Moonbird (BIRB) Surges 72% Amid Solana Memecoin Frenzy… How High Can It Go?

▲ Moonbird (BIRB) / Source: X

Moonbird (BIRB) surged over 72% in a single day, demonstrating the strongest upward momentum in the cryptocurrency market. Even amidst a moderate overall market rebound, speculative funds heavily flowed into Solana (SOL)-based memecoins, leading to returns significantly outperforming major coins.

According to CoinMarketCap, a cryptocurrency market aggregation site, on July 3 (local time), Moonbird was trading at $0.0946, up 72.71% over 24 hours. During the same period, the overall cryptocurrency market rose by only 1.8%, but Moonbird significantly surpassed this growth rate, attracting market attention.

The media cited the rotation of funds into the Solana ecosystem's memecoins as the biggest reason for this surge. Investors aggressively bought highly volatile memecoins with small market caps, making Moonbird stand out as a major beneficiary. In particular, Moonbird ranked among the top daily gainers in both the NFT and memecoin sectors, with its trading volume exceeding $130 million, a jump of approximately 2,200% in a single day. The high trading turnover rate (4.84) indicates strong buying pressure while also suggesting high volatility risk, the media explained.

The macroeconomic environment also played a favorable role in the market. Kevin Warsh, former governor of the U.S. Federal Reserve (Fed), mentioned the possibility of easing inflation, which raised expectations for monetary policy relaxation and improved overall investor sentiment in the cryptocurrency market. However, the media analyzed that Moonbird's 72% surge was much larger than Bitcoin's approximately 1.75% rise during the same period, suggesting that independent fund inflows into the Solana memecoin sector, rather than macroeconomics, drove the increase.

In the short term, maintaining trading volume was identified as a key variable. The media predicted that if trading volume remains above $100 million, the upward momentum could continue, but if trading volume rapidly decreases, profit-taking sales could emerge, leading to sharp price corrections. Technically, if Moonbird maintains $0.075, it could retest $0.11, but a break below this support level risks a fall to $0.055.

The market's future is expected to be at a turning point with the release of the U.S. non-farm payrolls report on July 3. The media analyzed that if the employment figures are stronger than market expectations, hopes for interest rate cuts could weaken, putting pressure on risk assets across the board. Ultimately, Moonbird's upward trend is expected to depend on how long speculative demand and trading volume for Solana memecoins are sustained.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*