The native cryptocurrency of Monad saw an impressive surge in value, climbing as high as $0.045 on Tuesday, significantly surpassing its public sale price of $0.025. This increase comes on the heels of a long-anticipated airdrop that had initially disappointed some market participants. However, despite early skepticism, MON has demonstrated resilience and growth, with recent transactions reported at around $0.042, marking a substantial 19% increase within a single day and a staggering 68% rise since the public sale.
The market backdrop remains nuanced, as cryptocurrency prices in general appear to be cooling after a brief uptick earlier in the week. Bitcoin, for example, experienced a decline of 1.8% to settle at $87,199 while Ethereum dipped to $2,939, reflecting a 0.6% decrease. Analysts had indicated that Monad’s price trajectory closely mirrored its public sale rates, which were facilitated through a platform launched by Coinbase for emerging tokens. This has led to varied opinions among market observers, with some suggesting that such price action underscores a market operating as intended while others noted the impact of the airdrop.
Monad is positioned as a high-performance blockchain solution that addresses existing limitations by processing transactions in parallel, akin to networks such as Solana or Sei. Despite concerns surrounding its low circulating supply—only about 10% of the total MON tokens are currently available—BitMEX co-founder Arthur Hayes speculated that the token could soar to $10 if market momentum returns. He remarked on social media about the potential of MON, highlighting its attributes as a low float and high future dilution value (FDV) asset.
Airdrops typically serve to incentivize and reward early adopters and the community involved in a cryptocurrency project. Recipients are often quick to realize profits, as evidenced by one individual using the handle NikkiSixx7 on social media, who sold their MON tokens at $0.031 shortly after receiving them during the airdrop. They expressed no regrets about their decision, noting it netted them $238, although those tokens would have appreciated to an estimated value of $445 at current prices.
Trading activity for Monad has seen significant volume, with approximately $400 million traded on Upbit, a major South Korean exchange. In addition, Coinbase recorded transactions totaling $233 million, while another $160 million was exchanged on Bybit, a Dubai-based platform.
As market dynamics continue to evolve, many are watching Monad closely to see if its upward trajectory will be sustained amid broader market fluctuations.
