Monad’s MON token debuted on November 24, 2025 with a muted market reaction, opening near its public-sale price and sliding about 15% in the first 24 hours. The Coinbase offering raised $90.05 million, well below its potential target, a shortfall that helps explain the thin liquidity and soft demand during launch.
Market Reaction and Early Trading Strain
The Coinbase sale distributed 7.5% of the 100 billion MON supply at $0.025 per token, giving the project a $2.5B fully diluted valuation. However, it attracted $90.05M in commitments versus a theoretical $188M, revealing undercoverage at the auction stage and hinting that investor appetite may have cooled ahead of listing.
Beyond the sale, the project executed an airdrop equal to 3.3% of supply, claimed by around 225,000 users, bringing the unlocked share at launch to 10.8%. Another 50.6% of total supply remains locked until Q4 2029, while the team had previously raised over $240M in venture funding. The large supply and long vesting horizons contributed to early concerns about limited spot liquidity.
During the first trading session, MON swung from $0.02417 to $0.026 before slipping to roughly $0.023–$0.0248762, marking a 15% daily drop with about $50M in trading volume. Meanwhile, perpetuals on pre-launch platforms implied an FDV between $14B and $18.9B, revealing a sharp disconnect between derivatives-market enthusiasm and lukewarm spot demand.
On the technical side, Monad presents itself as an EVM-compatible Layer-1 promising 10,000 TPS, 400 ms block times and 800 ms finality through parallel execution. Its testnet, active since February 2025, reportedly processed 2.44 trillion transactions, aiming to allow Ethereum dApps to migrate with no code changes. Still, traders and treasuries are waiting for mainnet performance and real usage signals, especially with unlock schedules raising fears of future sell-pressure.
Monad’s debut makes clear that strong backing and ambitious engineering claims aren’t enough in today’s more selective market; investors want execution, adoption and visible utility, not just narrative.