The Moonkin Festival is a new micro-Holiday: “A wonderful celebration of all things Moonkin is happening today in Moonglade. Stop by and see what you can learn!”
It is currently available for testing in PTR 7.2.5. The quest starts in the southern area of Moonglade, near pet master Elena Flutterfly.
Talk to Makkaw who will give you only one quest. You have to observe the behavior of three Moonkin hatchling packs marked in the mini-map. Just stand by each pack a few seconds until you get credit onscreen for observing that pack. The first pack is dancing. The second pack is practicing Moonfire on a dummy, and the third pack is sleeping.
Return to Makkaw to turn in the quest, and he rewards you with a temporary Moonkin Hatchling (2 hour buff). To the left of Makkaw and at locations throughout Moonglade you can find a Moonkin Stone on the ground. Click it to loot a Moonkin Stone: “Attuned to Moonglade, allowing you to understand Moonkin. (3 sec cooldown). Requires Moonkin Festival.” You will get a buff named Understand Moonkin (1 hour).