Monad Token Extends Slide Amid Profit-Taking, Spoofed Transaction Concerns
Monad’s native token has fallen 15% in the past 24 hours to $0.03 amid continued volatility since launch, though it remains 47% above its November 25 opening price of around $0.02. The recent decline is attributed to early holders taking profits, evidenced by a negative bid-ask delta, and derivatives traders expanding short positions, intensifying downward pressure. The sell-off follows a network spoofing event, where attackers generated fake token transfers to undermine trust. Despite this, usage of Monad’s network is strong, with nearly 150,000 active users, 4.7 million on-chain transactions, and $711 million in stablecoin transfers, partly due to collaborations with Solana and deBridge. The disconnect between robust network activity and weak token price reflects a wider trend in the crypto market, as cautious investor sentiment prevails. Longer-term confidence hinges on Monad demonstrating genuine developer adoption and real-world usage beyond technical claims.
