The MON price has crashed by over 57% from its all-time high despite having some of the best fundamentals in the crypto industry. Monad dropped to a low of $0.02085, with its market capitalization falling from nearly $500 million in November to the current $225 million.
Third-party data shows that Monad’s network is doing well despite the ongoing MON price crash. According to Nansen, Monad is the fastest-growing blockchain network by far. It processed over 52 million transactions in the last 30 days, up 300% from the previous 30 days. Polygon, the second-fastest chain, grew by 87% during the same period.
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The growing Monad growth also occurred as the number of active addresses on the network accelerated. Its active addresses jumped by 314% over the last 30 days to over 1.3 million, surpassing some of the best-known chains like Avalanche, Chiliz, Stellar, and Algorand.
Monad is also making more money, albeit from a low base. Its fees jumped by 105% during this period to nearly $200k, also higher than those of other popular chains like Stellar, Algorand, and Stacks.
More data shows that Monad’s network is doing well in other areas. For example, its total value locked (TVL) jumped to a record high of $376 million, well above some of the best-known chains like Cardano and Algorand.
This growth has been driven by Upshift, whose TVL jumped by 146% in the last 30 days to $91 million. Morpho, Uniswap, Curvance, and Curve Finance have also had their TVLs jump to over $21 million.
Monad’s DEX volume has also continued to grow over the past few weeks. Protocols in the network handled over $2.39 billion in the last 30 days. In contrast, Cardano handled over $203 million in volume despite receiving a NIGHT boost. Its DEX volume was higher than other chains like Tron, Seo, Plasma, and Hedera.
Therefore, the MON price crashed due to the ongoing crypto market retreat and the tendency of investors to dump newly launched tokens, as we predicted here. This decline typically occurs as trader hype wanes.
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