Monad’s mainnet went live on November 24 with MON trading at $0.024, down 15% from pre-market levels, as analysts debate weak ICO demand and airdrop dynamics.
By Vini Barbosa
Editor Marco T. Lanz
Updated
3 mins read
Monad mainnet launched on November 24, together with MON’s token generation event (TGE), unlocking and distributing approximately 10% of a 100 billion supply. As forecasted by many analysts, the Monad price is down in the first few hours of the public listings at a $2.5 billion fully diluted value (FDV).
According to data from CoinMarketCap, MON started trading at $0.0329 in the pre-market, and other sources like Bitget report a pre-market range between $0.032 and $0.034. This puts Monad at an effective 15% loss while trading at $0.024 by the time of this writing.
Monad (MON) price and market data as of November 24, 2025 | Source: CoinMarketCap
Before today’s listing and pre-market trades, investors had the chance to get exposure to Monad in Coinbase’s first launchpad ICO at a price of $0.025 per token, the same used by MEXC. Coinbase’s fundraising was the second most meaningful round for the project, raising $187.50 million from November 17 to November 22—selling 7.5 billion MON to participants who have gone through a due identification process (KYC).
The most meaningful fundraising happened in an undisclosed private round led by Paradigm on April 9, 2024, per CryptoRank data, raising $225 million with an unknown token allocation amount and, therefore, an unknown unitary price for MON. Yet, at a $264 million current market cap, Paradigm, Electric Capital, and Greenoaks Capital have theoretical unrealized gains of 17.33% in 19 months, based on the capitalization alone.
Monad fundraising data | Source: CryptoRank
Related commentary on X varies a lot, and Monad has gathered both strong support and skepticism during its mainnet launch day and token listing events. In particular, a pseudonymous analyst known as Red Hair Shanks commented on the ICO dynamics.
According to him, the results signaled weakness, as “EVERYONE who wanted to buy monad” could have done it at a $2.5 billion FDV, and “there is no one left who wants to buy” after only raising $260 million between these events. MON currently has a fully diluted value of $2.43 billion, below the ICO valuation.
my view on the monad launch:
– regardless of my personal preferences, congrats to the team for launching, good work
– also congrats to the monad team for doing an otc deal with size at market rate, insane negotiation skills
– everyone… and i mean EVERYONE who wanted to buy… pic.twitter.com/ABqznzKp7r
— Squiggly Hair Shanks (@redhairshanks86) November 24, 2025
Hantengri chimed in, pointing to the irony that market participants can now buy the token at a lower price, without complex identification processes, having an advantage over the 85,820 properly identified participants of the Coinbase event.
so let me get this straight
85,820 people submitted their kyc just to get into the monad ico
and now you can literally buy the token cheaper than ico price with zero kyc
insane tech tbh
— hantengri (@hantengri) November 24, 2025
Other commentators highlighted the airdrop dynamics, suggesting a stronger incentive to sell the tokens received for free, creating a supply pressure that could explain the early performance. Jeremy, Glyde co-founder, posted a screenshot swapping 4,156 MON for $124 worth of USDC, while Sweep, another Glyde co-founder, reported a single MON short position opened six hours before the launch that was profiting $300,000 by the posting time.
GE, founder of Stress Capitals, disclosed his plans to claim and sell his airdrops while opening shorts against Monad earlier this morning.
My plan for @monad mainnet
> claim airdrop
> max swap to usdt
> max short $MON on Cex
> mute words gmonad/MON on X
> write a thread why MONAD is just another vc scam and the community are just spam bots
> close short (take profit)
> retirement— GE (@GuarEmperor) November 24, 2025
Nevertheless, Monad’s story is just beginning with the mainnet launch. There are ongoing integrations with Solana SOL $137.4 24h volatility: 3.8% Market cap: $76.80 B Vol. 24h: $5.95 B and NEAR Intents, opening the already 224-project ecosystem to the broader crypto industry. Monad is an EVM-compatible layer-one (L1) blockchain designed for high performance with claims of up to 10,000 transactions per second (TPS), currently maintaining around 100 TPS, based on data from the Monad Vision explorer.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.
