Monad (MON) Price Skyrockets 80%, Emerges As Best Performer Among Top 100 Cryptos
The Layer 1 blockchain Monad (MON) efficiently went stay on Monday, igniting a big surge in its native token. Within 24 hours of its launch, MON emerged because the best-performing asset among the many prime 100 cryptocurrencies by market capitalization.
MON Token Hits $0.045 All-Time High
Last week, Monad’s token sale kicked off on Coinbase’s new token presale platform, gaining strong momentum by elevating roughly $50 million. However, simply 12 hours into the sale, that preliminary enthusiasm started to wane.
The fundraising effort solely accrued $95 million of the bold $187 million goal for Circle’s USDC stablecoin. Yet, as soon as the Monad blockchain launched, investor curiosity reignited, resulting in a formidable over 80% rise within the MON token’s worth.
According to CoinGecko data, this value surge elevated the token to a diluted valuation of about $4 billion. By consolidating its beneficial properties, 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 high (ATH) of $0.045 earlier on Tuesday, showcasing the heightened demand for MON previously day.
This rally comes regardless of a broader difficult surroundings 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 crucial $3,000 stage.
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 Trading Performance Surpasses Hyperliquid
According to data from DeFillama, pleasure across the MON token goes past its value. The Monad blockchain has already processed over three million transactions from round 140,000 addresses, with builders deploying greater than 18,000 good contracts.
Investors who participated within the token sale had the chance to promote their holdings instantly after the launch. However, Coinbase has issued a warning to discourage early promoting, stating that those that select to promote their tokens inside the first 30 days could face lowered allocations in future token gross sales. This goals to prioritize real fans of the challenge over merchants searching for fast income.
Furthermore, trading volume 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 akin 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