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Exciting news in the crypto world! The Layer 1 blockchain, Monad (MON), made its debut on Monday, sending its native token soaring. In just 24 hours after its launch, MON became the hottest asset among the top 100 cryptocurrencies by market cap!
MON Token Reaches $0.045 All-Time High
Last week, the token sale for Monad kicked off on Coinbase’s brand new token presale platform, generating a ton of interest with about $50 million raised! However, excitement dipped just 12 hours into the sale.
They aimed to raise $187 million for Circle’s USDC stablecoin, but managed to gather only $95 million. Yet, with the launch of the Monad blockchain, investor enthusiasm picked up again, sending the MON token’s value skyrocketing by over 80%!
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Per CoinGecko data, this price boost lifted the token to a diluted valuation of around $4 billion. MON held strong, staying above $0.040 and reaching a market cap close to $440 million!
In fact, the token hit an impressive all-time high (ATH) of $0.045 earlier on Tuesday, reflecting the strong interest in MON!
This upward trend occurred despite the broader challenges in the cryptocurrency scene, where Bitcoin (BTC) has dropped over 30% from its all-time high of $126,000 back in October, and Ethereum (ETH) has been fighting to stay above the key $3,000 line.
To top it off, the mainnet launch was paired with the MON token being listed on several exchanges, including Coinbase, Kraken, and Gemini (GEMI).
Monad Trading Performance Soars Past Hyperliquid
Excitement around the MON token isn’t just about its price. According to DeFillama, Monad’s blockchain has already processed over three million transactions from around 140,000 addresses, and more than 18,000 smart contracts have been deployed.
Investors who participated in the sale had the chance to sell their tokens right after launch. However, Coinbase has issued a warning advising against early selling. Those who sell within the first 30 days could see reduced allocations in future token sales. This is to benefit true fans of the project over quick traders.
Additionally, trading volume for MON on the Solana (SOL) blockchain topped $87 million in just one day, outpacing MON’s own trading volume!
This stellar performance beat Hyperliquid (HYPE) by an impressive 149%, placing MON ahead of exchanges like KuCoin, Gate, Kraken, and Bitget, making Solana the fifth-largest platform by total trading volume!
Featured image from DALL-E, chart from TradingView.com
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