Simply put
- Monad’s local currency increased to $0.045 on Tuesday.
- This figure was notably above Monad’s previous retail price.
- The much-anticipated airdrop had initially shocked some investors, yet MON kept climbing.
The price of Monad’s cryptocurrency surged on Tuesday after the highly anticipated airdrop, which took many speculators by surprise.
Recently, the token was trading around $0.042, marking a 19% rise from the day before, according to data from a crypto analytics provider.
MON’s price has jumped 68% since Monday’s opening of $0.025. Earlier on Tuesday, the price reached $0.045 during a public sale.
The rise of MON comes as many cryptocurrencies are experiencing a decrease in prices. Despite some hopeful signs earlier in the week, Bitcoin dipped by 1.8% to $87,199, while Ethereum slipped 0.6% to $2,939.
Onlookers expressed their surprise that MON’s price reflected the ongoing public sale on Coinbase. Some believed that the fluctuations indicated that the system was functioning as intended.
Monad claims to be a high-performance blockchain, aiming to tackle issues seen in other networks by processing transactions in parallel, similar to projects like Solana and Sei.
Arthur Hayes, co-founder and former CEO of BitMEX, suggested that the token could potentially hit $10 if market enthusiasm returns. Still, he raised concerns about the low circulating supply, as only about 10% of MON tokens are currently available.
“Exactly what this bull market needs, another low float, high FDV, useless L1,” he remarked on X, noting the challenges ahead.
Airdrops are often used to incentivize early supporters in crypto projects by distributing free tokens to community members. Many recipients, such as those engaging on X, typically sell their airdrops quickly to secure profits.
According to one recipient, they had “no regrets” selling their MON tokens on Monday for $0.031 each, claiming the network’s team “provided almost nothing to their community.”
For this individual, their airdrop netted them $238. The 10,600 MON tokens they received would now be worth roughly $445 at current values.
In the last day alone, Monad saw about $400 million in trading volume on South Korea’s Upbit exchange. Additionally, $233 million worth of MON was traded on Coinbase, alongside $160 million on Dubai-based Bybit.
