MON price popped by over 50% on Tuesday, reaching a high of $0.03872, and bringing its fully diluted valuation to over $3.3 billion. Its market capitalization stood at over $426 million.
Monad TVL Nears $100 Million
Monad, which debuted on Monday, has become one of the fastest-growing networks in the crypto industry. It recently completed the most successful Initial Token Offerings (ICO) on Coinbase as it raised over $250 million.
Data shows the Monad’s ecosystem is doing well, with its total value locked (TVL) rising to $90 million. Most of its assets are in Uniswap, which has $28 million in assets. Gearbox, a lending platform, has $20 million, while Upshift, Morpho, Curve Finance, and Kuru have over $1.5 million in assets.
READ MORE: XRP Price Prediction: Here’s Why Ripple May Crash Soon
More data shows that traders are using DEX protocols in the network. The DEX volume Monad jumped to over $73 million, with Uniswap handling $62 million worth of transactions in this period. The other top DEX protocols on Monad are LFJ, Curve Finance, and Swyrl Finance.
Monad’s network growth will likely accelerate in the coming months as more companies deploy in its mainnet. Some of the most notable ones are Axelar, HyperLane, LayerZero, Renzo Protocol, SushiSwap, and deBridge.
Will the MON Price Rally Accelerate?
The ongoing Monad price rally is notable because, as we predicted, most tokens drop after their airdrops and exchange listings.
The same may apply to Monad now that the airdrop has gone better than expected. For one, the token has been listed by some of the biggest exchanges in the crypto industry, like Upbit, Bybit, Bithumb, Kraken, Coinbase, and Crypto.com.
The risk, therefore, is where ICO buyers start selling their tokens in a bid to take profits. A good example of this is what happened when Pi Network made its mainnet launch, which pushed its token to a record high of $3. Today, the Pi Coin price has dropped by nearly 90% and is hovering near its all-time low.
The other good example is Somnia, whose token surged by nearly 400% after its mainnet launch, reaching a high of $1.8900. Somnia has crashed and now trades at $0.30.
Additionally, Monad’s futures open interest has jumped to $142 million from less than $50 million on Monday. While a surging open interest is a good thing, there is also a risk of surging liquidations if it drops a bit.
READ MORE: Crypto Market Rally Today: Is the Crash Now Over?
