Monad (MON) Price Surges 80%, Becomes Top Performer Among Leading 100 Cryptocurrencies

Monad (MON), a Layer 1 blockchain, officially launched on Monday, sparking an impressive increase in its native token's value. In just 24 hours, MON became the leading asset in the top 100 cryptocurrencies by market capitalization.

Key Takeaways

Monad's token (MON) rose over 80% shortly after its launch.
The token reached an all-time high (ATH) of $0.045.
Despite broader market challenges, MON has shown significant demand.
Trading volume surged on Solana, exceeding $87 million in 24 hours.
Coinbase advised token sale participants against early selling to maintain future allocation benefits.

Monad

MON Token Achieves $0.045 All-Time High

Recently, Monad launched its token sale on Coinbase’s new presale platform, which attracted considerable attention and raised around $50 million initially. However, enthusiasm waned 12 hours into the sale. The campaign ultimately gathered $95 million, falling short of the ambitious $187 million target for Circle’s USDC stablecoin.

Following the launch of the Monad blockchain, investor interest revived, resulting in an impressive increase of over 80% in the MON token's value. According to CoinGecko, this surge brought the token’s diluted valuation to about $4 billion. After consolidating its gains, MON maintained its value above the $0.040 level and approached a market capitalization of nearly $440 million. The token peaked at an all-time high (ATH) of $0.045 earlier on Tuesday, indicating a strong demand for MON.

This growth is noteworthy given the challenging climate in the cryptocurrency market, where Bitcoin (BTC) has experienced a decline of over 30% from its all-time high of $126,000 set in October. Meanwhile, Ethereum (ETH) has struggled to hold above the $3,000 mark. The Monad mainnet launch coincided with the listing of the MON token on several exchanges, including Coinbase, Kraken, and Gemini (GEMI).

Monad Trading Performance Exceeds Hyperliquid

According to DeFillama’s data, the excitement surrounding the MON token extends beyond its rising price. The Monad blockchain has already processed more than three million transactions from approximately 140,000 addresses, with developers deploying over 18,000 smart contracts.

Investors who participated in the token sale could sell their tokens immediately post-launch. However, Coinbase cautioned participants about early selling, warning that those who sell within the first 30 days might see their allocation reduced in future sales. This measure aims to prioritize dedicated supporters of the project instead of traders looking for quick financial gains.

Moreover, trading volume for MON on the Solana (SOL) blockchain surpassed $87 million in just 24 hours. This volume significantly exceeded the trading activity on the Monad blockchain, outpacing Hyperliquid (HYPE) by 149% and placing MON ahead of exchanges like KuCoin, Gate, Kraken, and Bitget. This performance made Solana the fifth-largest exchange by total trading volume across platforms.

Monad
The daily chart illustrates MON’s notable price growth observed over the past day following the launch of its blockchain. Source: MONUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com.