Monad launched its main net and opened MON trading, with versions on several chains. MON tokens rose by over 62% on their first day of trading.
The Monad ecosystem is shaping up as the native MON token entered price discovery. On the first day of trading, MON launched as a multichain asset.
MON expanded in the first hours of trading, with a mix of DEX activity and centralized listings. | Source: CoingeckoMON traded at $0.04, up over 62% in its first day of trading. The token opened with $1.2B in trading for the first few hours, with 10.8B MON in circulation. The asset retains nearly 90% of its supply for future unlocks, for a total supply of 100B tokens.
Early MON trading was concentrated on a unique set of exchanges, including Coinbase, Bybit, and Upbit. MON trades on a mix of DEX and centralized exchanges.
MON has a unique trading profile, with over 62% of early-stage volumes in a pairing with the Korean won. | Source: CryptocompareIts most active markets make up a unique trading profile, with over 62% of volumes against the Korean Won, and the rest in fiat pairs with the US dollar.
Monad starts building liquidity
Monad was a long-awaited airdrop, reaching out to older DeFi and NFT communities. The event was expected to revive the Web3 space while offering a new venue for trading.
Monad is a new EVM-compatible L1 chain, which once again raised questions on whether there is sufficient demand for another network. The Monad main net launched just as the Berachain community noted the new hot network was almost dead, just months after the initial hype.
For now, Monad is showing signs of early activity. Within hours, the main net invited over 100 apps.
Monad also launched with $115M in liquidity, as Uniswap became its leading network. The chain saw inflows of over $123M in stablecoins. For now, Monad remains an early-stage network with a niche size, yet to compete for apps and liquidity.
MON becomes a top asset on Solana
MON launched on Solana and started trading as a decentralized asset alongside centralized listings. For now, the MON/usdc pair has limited liquidity, and even top whales have cashed out less than $80K. Solana remained one of the leading venues for decentralized MON trading on the first day after the token launch. Using MON on Solana was not without glitches, as one trader spent most of the airdrop trying to pay for transactions and move the tokens.
The Solana version of MON achieved around 60% of the volumes compared to the native MON pair on Uniswap. Currently, most MON airdrop recipients hold unrealized gains.
However, MON is seen as risky, anticipating a price drop. On Hyperliquid, only two out of 11 whales are long on MON, with the rest taking up short positions. One of the high-profile whales with a long position is still sitting on significant unrealized gains of $2.32M.
MON also has negative funding on Hyperliquid for its long positions, signaling a bearish sentiment. The token is still at an early stage, where the potential for a post-airdrop crash is still being evaluated.
Sharpen your strategy with mentorship + daily ideas – 30 days free access to our trading program
Source: https://www.cryptopolitan.com/mon-rises-by-62-on-trading-debut-monad-chain-launches-over-100-apps/
