Monad”s MON token demonstrated remarkable strength, surging over 35% within 24 hours of its launch on November 24. This impressive performance is particularly noteworthy given the ongoing downturn in the cryptocurrency market, where many assets are suffering significant declines.
On launch day, MON traded at approximately $0.035, climbing from a starting range of around $0.025. This rally occurred despite the harsh environment characterized by a cold airdrop market and a broader sell-off impacting digital assets in November. Reports indicate that nearly 90% of tokens from recent airdrops typically experience a decline shortly after distribution, but MON has defied this trend.
The launch of MON coincided with the introduction of Monad”s mainnet, and the token”s availability was bolstered by liquidity across major exchanges. About 76,000 wallets collectively claimed 3.33 billion MON tokens from a total airdrop of 4.73 billion tokens, while an additional 7.5 billion were released from a public sale on Coinbase. These factors contributed to an initial valuation of approximately $105 million for the airdrop alone.
Despite the overall crypto market suffering a decline—highlighted by Bitcoin dropping below $90,000 and a total market cap loss exceeding $1 trillion since October—MON”s trading demand remained robust. Following initial selling pressures, the token”s price steadily increased throughout the day, gaining traction on platforms like Kraken, Bybit, KuCoin, Bitget, Gate.io, and Upbit.
Market analysts suggest that the token”s performance can be attributed to heightened interest in Monad”s high-performance Layer 1 design, as well as a launch strategy that minimized the inflation seen in other recent airdrops. While many projects struggle with excess supply and aggressive selling from early recipients, MON has managed to maintain its value by focusing on early users and public sale participants rather than speculative farmers.
The remarkable rise of MON positions it as a standout example amid a challenging November for cryptocurrencies. Its early gains contrast sharply with other airdrops this year, marking it as one of the few to achieve immediate success rather than follow the typical pattern of sharp declines. As the market continues to navigate through turbulent times, MON”s trajectory will be closely monitored by investors and enthusiasts alike.
