Monad price continued pumping today, Nov. 26, as third-party data pointed to robust ecosystem and network growth.
Summary
- Monad price soared after its mainnet launch this week.
- The total value locked in its network soared to $150 million.
- Monad’s transactions have soared by 355% in the last seven days.
Top Monad metrics soar
Monad (MON), which launched its mainnet on Monday, soared to $0.048, up by 140% from its lowest point this week.
MON token traded in a high-volume environment, with the 24-hour volume exceeding $1.2 billion. Its volume was much higher than its $500 million market cap.
Monad has become one of the fastest-growing blockchains in the crypto industry. Nansen data shows that its transaction count soared by 355% in the last seven days to 8.9 million. Aptos (APT), the second-fastest growing network, grew by 27% in the same period.
More data shows that the number of active Monad addresses soared to 237,437. These addresses exceed the 89,000 who participated in its Initial Coin Offering, a sign that many more have bought the token.
Meanwhile, Monad’s ecosystem is growing. DeFi Llama data shows that the network has attracted 41 developers in the decentralized finance industry. The total value locked in the network has soared to $150 million.
Additionally, stablecoin supply and decentralized exchange volume has soared to $189 million and $190 million, respectively.
These are impressive numbers considering that Cardano (ADA), which was started in 2017, has a TVL of $18 million, $38 million in stablecoin supply, and 61 protocols.
Similarly, Algorand (ALGO) has just 41 dApps in its DeFi ecosystem, a TVL of $98 million, and just $51 million in stablecoin supply.
Still, it is hard to predict whether its metrics will be sustainable, as some recently launched networks have deflated quickly. Unichain’s TVL jumped to $1.2 billion after launch and then plummeted to $180 million today.
Similarly, Plasma’s TVL soared to over $11 billion after launch and then dropped to $4.8 billion today.
Will the MON price surge continue?
It is hard to predict whether the MON price surge will accelerate in the future. However, history shows that initial rallies don’t last long as initial buyers often dump their tokens.
Plasma (XPL) price initially surged by 320% after its airdrop and token launch. Today, the token has plunged by over 90% to $0.2100, coinciding with the drop of its top metrics.
Similarly, Berachain token soared to $9.16 after its launch and has now plunged to $1.0.
Other recently-launched tokens like Linea, Keeta, and World Liberty Financial have all plunged. Therefore, there is a high risk that the Monad price will also retreat.
