Monad officially launched its mainnet on November 24, positioning itself as a high-performance blockchain aimed at transforming the Layer 1 space. The token quickly gained traction with listings on major exchanges like Bybit and Coinbase and integrations into ecosystems such as Solana, fueling initial bullish momentum that defied analyst predictions.
However, the trend reversed sharply when Arthur Hayes, co-founder of BitMEX and a influential crypto figure, publicly shifted his stance. Just days after predicting MON could reach $10, Hayes announced on social media that he had exited his position, declaring, "I'm out. Send this dogshit to ZERO!" This sudden bearish comment triggered an immediate sell-off, causing MON's price to drop by over 16% within minutes to approximately $0.03922.
The sell-off was exacerbated by a 45% decline in daily trading volume and bearish technical indicators, including the Moving Average Convergence Divergence swinging below the signal line and a weakening Relative Strength Index. Despite broader market gains—with Bitcoin (BTC), Ethereum (ETH), and BNB all rising over 4%—MON faced intense selling pressure. Concerns also emerged about market maker influence, particularly Wintermute's extended loan terms for MON tokens, raising fears of potential dumping that could prolong the downtrend.
Monad's market capitalization of $425 million and its status as a low-float, VC-backed project make it highly susceptible to sentiment-driven volatility. While organic demand from exchange listings and ecosystem integrations had previously supported prices, Hayes's reversal highlights the outsized impact of prominent figures on such assets.
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