Monads mainnet is live and the MON token is trading on Coinbase and other major exchanges, with the price hovering near its $0.025 ICO level. After launch on Nov. 24, the token briefly spiked to $0.0286 before slipping back to roughly $0.0254, according to CoinGecko.
Key numbers now
- Price: about $0.0254; intraday high: $0.0286 (CoinGecko)
- ICO price: $0.025
- Fully diluted valuation (FDV): near $2.5B at current prices
- Market cap: about $270M, placing MON in the lower 200s by size
- Prediction markets: Polymarket bettors give ~90% odds FDV lands below $2B one day after launch
Why this launch matters
New Layer 1 blockchains often see sharp trading swings on day one. Monad is testing whether exchange access and brand-name backers translate into early liquidity and developer traction. The flat price suggests heavy supply and cautious buyers are keeping MON close to its sale price despite multiple listings.
In crypto, a large total supply with a small portion trading (called a "thin float") can pin prices near the offering level early on. That dynamic may shift as more tokens circulate and apps on the network gain users.
How the sale played out
Monad ran its initial coin offering (ICO) on Coinbases new fundraising platform in the days leading up to the mainnet launch. The sale started slowly compared with recent hyped offerings like MegaETH and Stable, likely due to know-your-customer checks and regional restrictions that limited some buyers.
Even so, demand ultimately swelled. Monad offered roughly 7.5% of its 100 billion total token supply at $0.025 per token, implying about $187.5 million available for the public. The sale drew about $269 million in commitments from roughly 85,800 participants, exceeding the allocation by around $82 million and making it about 1.43x oversubscribed. That participant count outpaced many recent ICOs, more than doubling MegaETHs turnout.
Who gets tokens now
Community members have questioned how much of MON is in public hands at launch. About 7.5% was earmarked for the ICO, and 3.3% is set aside for an airdroproughly 11% in total for retail access in the early phase.
A smaller circulating share can reduce immediate selling pressure but also limits price discovery. Traders will watch how quickly new supply enters the market and whether exchange liquidity deepens.
What Monad is building
Founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta, Monad aims to be an Ethereum Virtual Machine (EVM)-compatible Layer 1 focused on speed and responsiveness. The team says it uses parallel execution and a purpose-built state database to push higher throughput with lower latencyn plain terms, it tries to handle more transactions at once with shorter wait times.
Investors including Paradigm, Dragonfly, Electric Capital, and Coinbase Ventures backed the project with more than $220 million last year.
Market take: readings from day one
The current price pegs MONs FDV near $2.5 billion, while prediction markets on Polymarket heavily favor a sub-$2 billion figure by the next day. That gap reflects two forces: thin float can prop up early prices, but traders anticipate more supply and a reset once the initial buzz fades.
For long-term holders, the bigger question is whether developers and users show up. If apps launch quickly and on-chain activity grows, demand for block spaceand the tokencould improve. If usage lags, valuations built on a 100 billion supply may face pressure.
What to watch next
- Liquidity and spreads on Coinbase and other exchanges as more market makers step in.
- Any updates on token release schedules, staking, or incentives that change near-term supply.
- Early network stats: transactions per second, fees, and uptime as mainnet activity ramps.
- Developer traction: new dApps, bridges, and on-chain volume in the first weeks.
The bottom line
Monads launch checked the boxes: mainnet live, big-name listings, and a large crowd of buyers. The tokens first day kept close to the ICO price, signaling a wait-and-see market. From here, adoption and executionnot just exchange accesswill determine whether MON can break out from its opening range.
Sources: Monad on X, CoinGecko, Polymarket.