The Layer 1 blockchain Monad (MON) efficiently went dwell on Monday, igniting a big surge in its native token. Inside 24 hours of its launch, MON emerged because the best-performing asset among the many high 100 cryptocurrencies by market capitalization.
MON Token Hits $0.045 All-Time Excessive
Final week, Monad’s token sale kicked off on Coinbase’s new token presale platform, gaining sturdy momentum by elevating roughly $50 million. Nevertheless, simply 12 hours into the sale, that preliminary enthusiasm started to wane.
The fundraising effort solely collected $95 million of the bold $187 million goal for Circle’s USDC stablecoin. But, as soon as the Monad blockchain launched, investor curiosity reignited, resulting in a powerful over 80% rise within the MON token’s worth.
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In line with CoinGecko information, this worth surge elevated the token to a diluted valuation of about $4 billion. By consolidating its good points, MON has managed to remain above the $0.040 mark, reaching a market capitalization nearing $440 million.
Notably, the token additionally hit an all-time excessive (ATH) of $0.045 earlier on Tuesday, showcasing the heightened demand for MON previously day.
This rally comes regardless of a broader difficult setting for the cryptocurrency market, the place Bitcoin (BTC) has retraced greater than 30% from its ATH of $126,000 set again in October, and Ethereum (ETH) has struggled above the important $3,000 degree.
The mainnet launch was accompanied by the itemizing of the MON token on a number of cryptocurrency exchanges, together with Coinbase, Kraken, and Gemini (GEMI).
Monad Buying and selling Efficiency Surpasses Hyperliquid
In line with information from DeFillama, pleasure across the MON token goes past its worth. The Monad blockchain has already processed over three million transactions from round 140,000 addresses, with builders deploying greater than 18,000 good contracts.
Traders who participated within the token sale had the chance to promote their holdings instantly after the launch. Nevertheless, Coinbase has issued a warning to discourage early promoting, stating that those that select to promote their tokens inside the first 30 days might face lowered allocations in future token gross sales. This goals to prioritize real fanatics of the venture over merchants in search of fast earnings.
Moreover, buying and selling quantity for MON on the Solana (SOL) blockchain exceeded $87 million in simply 24 hours, surpassing the buying and selling quantity on Monad itself.
This efficiency outstripped that of Hyperliquid (HYPE) by 149% and positioned MON forward of platforms similar to KuCoin, Gate, Kraken, and Bitget, making Solana the fifth-largest venue by whole buying and selling quantity throughout exchanges.
Featured picture from DALL-E, chart from TradingView.com
