Moonbirds Floor Price Rebounds Slightly Following Saturday Dump

The Moonbirds floor is up slightly Sunday morning (though it remains under 5 ETH at 4.7 ETH at the time of writing) after a whale dumped hundreds of Moonbirds into wETH bids yesterday.

❗ Why It Matters

Although PROOF Collective was one of the projects that admitted to having funds on SVB as the bank collapsed, yesterday's price action appears to be more linked to bid farming on Blur as collectors try to position themselves for the next $BLUR airdrop.

🔎 The Deets

• Regarding its SVB exposure, the official PROOF Collective Twitter account claimed that PROOF holds cash at SVB, "However...we've thankfully diversified our assets across ETH, stablecoins, as well as fiat -- so financially and operationally, we're going to be OK."
• During yesterday's dump, the Moobirds floor fell from ~6.34 ETH to around 4 ETH, with the seller accepting several bids at 3.92 wETH.
• The wallet that once held 499 Moonbirds has now offloaded all of its NFTs. In total, the wallet incurred more than 700 ETH in realized losses while farming $BLUR.
• Yesterday's Moonbirds price action was not the only collection to undergo a Blur-fueled dump. MachiBigBrother had incurred around 3500 ETH in losses during the current Blur rewards season as of yesterday, according to @punk9059. Most affected by Machi's moves this weekend was the Gitcoin Presents collection, which Machi owned nearly a third of at the peak.

🎤 Community Feedback

🕳️ Go Deeper

• NFT Projects Share Updates on SVB Connections
• MachiBigBrother Scoops Up Gitcoin Presents NFTs
• PROOF Gives Intensive Ecosystem Update