- The token price fell 15% to $0.03, reversing recent gains made since its late November debut.
- Order-book imbalances and falling cumulative volume delta suggest early profit-taking and new short positions are pressuring the price downward.
- The decline follows a network spoofing incident, despite strong blockchain activity with 150,000 users and 4.7 million transactions.
- Stablecoin transfers on the blockchain surged to $711 million, supported by partnerships advancing cross-chain asset flows.
The native token of the newly launched Layer-1 blockchain, Monad, experienced a 15% drop to $0.03 in the last 24 hours after starting at about $0.02 around November 25. The token initially rose 47% following its launch but faced recent declines amid volatility. This downturn occurred during the U.S. trading session and reversed gains made earlier this week.
Market data shows that the bid-ask delta indicator at 10% order book depth turned negative after the token stabilized near $0.047 on November 26, indicating sellers currently outnumber buyers in that price range. Additionally, a decreasing cumulative volume delta combined with steady open interest suggests derivatives traders are opening new short positions, intensifying the downward price pressure.
This sell-off came after a network spoofing issue was reported, where fake token transfers appeared on the Monad network to confuse users and undermine trust. Monad’s CTO and co-founder, James Hunsaker, confirmed this problem and warned users about transactions allegedly coming from his wallet.
Despite the price drop, blockchain usage remains strong with nearly 150,000 active users and 4.7 million on-chain transactions as reported by Artemis. Stablecoin transfers on the network reached approximately $711 million, boosted by collaborations with Solana and deBridge to facilitate cross-chain asset flows, as noted in a recent tweet.
The difference between solid on-chain activity and declining token value reflects the current cautious sentiment within the broader crypto market.
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