Layer 1 blockchain Monad (MON) successfully went live on Monday, sparking a significant spike in its native token. Within 24 hours of launch, MON became the top performing asset among the top 100 cryptocurrencies by market capitalization.
MON token reached an all-time high of $0.045
Last week, Monad’s token sale started on Coinbase’s new token presale platformgaining strong momentum by raising approximately $50 million. However, just 12 hours after the sale, that initial enthusiasm began to fade.
The fundraising effort raised just $95 million of the ambitious $187 million for Circle’s USDC stablecoin. However, once the Monad blockchain was launched, investor interest reignited, leading to an impressive over 80% increase in the value of the MON token.
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According to CoinGeck datathis surge in price lifted the token to a reduced value of around $4 billion. By consolidating its gains, MON managed to stay above the $0.040 mark, reaching a market capitalization close to $440 million.
Notably, the token also hit an all-time high (ATH) of $0.045 earlier on Tuesday, showing increased demand for MON in the past day.
This rise comes despite a broader challenging environment for the cryptocurrency market, where Bitcoin (BTC) is back more than 30% from its $126,000 ATH set in October, and Ethereum (ETH) has been struggling above the critical $3,000 level.
The launch of the mainnet was accompanied by the listing of the MON token on several cryptocurrency exchanges, including Coinbase, Kraken and Gemini (GEMI).
Monad trading performance outperforms Hyperliquid
According to data from DeFillama, the excitement surrounding the MON token goes beyond its price. Monad blockchain has already processed more than three million transactions with about 140,000 addresses, and developers have implemented more than 18,000 smart contracts.
Investors who participated in the token sale had the opportunity to sell their holdings immediately after the launch. However, Coinbase issued a warning to discourage early sales, stating that those who choose to sell their tokens within the first 30 days may face reduced allocations in future token sales. This is intended to prioritize genuine project enthusiasts over traders looking for a quick buck.
Furthermore, trading volume for MON on the Solana (SOL) blockchain exceeded $87 million in just 24 hours, surpassing the trading volume on Monad itself.
This performance outperformed Hyperliquid (HYPE) by 149% and positioned MON ahead of platforms such as KuCoin, Gate, Kraken and Bitget, making Solana the fifth largest by total trading volume on exchanges.
Featured image from DALL-E, chart from TradingView.com
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