Whale released a series of NFT Moonbirds, causing the base price to plummet 23.86%

Recently, a major NFT whale address, Moonbirds NFT, began liquidating its 500 NFT Moonbirds on Blur, losing approximately 719.49 ETH.

Moonbirds is a popular digital art collectible that has gained considerable traction in the NFT community. With its unique design and limited supply, it has become a sought after item by collectors and investors. In the past 24 hours, the trading volume of Moonbirds has exceeded 5,500 ETH, which shows how popular this asset is.

Source: NFTtrack.ai

Despite its popularity, the sale of 500 units by the Moonbirds NFT whale caused the asset’s reserve price to drop significantly. The floor price, the lowest price at which an NFT can be sold, fell 23.86% to 4.66 ETH. This price drop could be due to whales selling large numbers of NFTs, flooding the market and causing demand to drop.

The decision to liquidate the Moonbirds NFT whale assets has raised concerns in the NFT community as it resulted in significant losses for the whales. The incident highlights the volatility of the NFT market, where sudden changes in supply and demand can lead to wild price swings.

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according to Kyptos

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