Will Monad's Price Plummet by 99%? BitMEX Co-Founder Raises Concerns

In recent days, the Layer 1 blockchain Monad has made headlines following its successful launch last week. Its native token, MON, surged by an impressive 80%, reaching an all-time high of $0.048 on Wednesday, November 26. However, not everyone shares the same optimism about the token’s long-term prospects.

Key Takeaways

Monad's token, MON, saw an 80% increase after its launch, hitting $0.048.
BitMEX co-founder Arthur Hayes is skeptical about Monad's potential, suggesting the token could drop by 99%.
Hayes criticizes Layer 1 blockchains other than Ethereum and Solana, highlighting a lack of real use cases.
Privacy-focused cryptocurrencies and Zero Knowledge proofs are gaining attention as the future of blockchain.

Monad

Hayes Questions Monad's Use Case

In a recent YouTube interview with Altcoin Daily, Arthur Hayes expressed his doubts about Monad and similar Layer 1 blockchains. He stated that, apart from Ethereum and Solana, most of these blockchains have little value and are unlikely to perform well. Hayes characterized Monad's token as a "high FDV, low-float" asset, which he predicts will experience a significant decline, citing it as the new “Berachain.”

Referencing the performance of Berachain, which launched in February 2025 and has seen its native token, BERA, plummet to below $1—down nearly 94% from its all-time high of $14.83—Hayes expressed concern over Monad's trajectory. Currently, the MON token is trading at approximately $0.0285, a drop of over 40% from its peak.

According to Hayes, newly launched tokens frequently experience initial price surges followed by substantial corrections due to the absence of strong use cases to justify their valuations. He described this pattern as a classic case of FOMO (fear of missing out), particularly after Ethereum's tremendous success.

Hayes noted:

"Every coin gets their first pump, and people want to believe in the new L1. Everyone wants to invest in the new Ethereum as they would have in 2014 when many missed the opportunity. But just because there’s early interest doesn’t mean Monad will develop a viable use case."

Looking ahead, Hayes has outlined his "magnificent five" protocols he believes are essential in the current cryptocurrency landscape, which includes Bitcoin, Ethereum, Solana, ZCash, and Ethena.

What Lies Ahead for Layer 1s?

It’s no surprise that ZCash earned a spot on Hayes' list of top blockchain protocols. He anticipates that ZCash and other privacy-focused cryptocurrencies, such as Monero, will continue to shape the crypto discourse in the coming year.

Additionally, Hayes pointed out that Zero Knowledge (ZK) proofs and quantum resistance are important trends to monitor in 2026. He suggested that the next big player in the cryptocurrency market over the next one to two years may well emerge from the ZK space.

Monad The price of MON on the daily timeframe | Source: MONUSDT chart on TradingView

As the cryptocurrency landscape continues to evolve, market participants should remain cautious and informed about the potential volatility surrounding new projects like Monad.