Amid widespread price declines across the crypto market, one new token is shining brightly.
This week saw the launch of the Monad (MON) token, which immediately surged by 80%. What’s driving this newcomer?
New Crypto Monad Surges 80% at Launch #
In the last 24 hours alone, the Monad token has climbed another 38%, reaching a price of $0.045 at the time of writing.
The token launched this past Monday at $0.025, meaning it has already gained 80% since its debut.
This rally is particularly noteworthy, as token launches often face immediate selling pressure from early investors looking to secure profits.
The new token is also quickly attracting attention from Dutch investors. On the Bitvavo exchange, Monad is currently the sixth-most-traded token, with a trading volume of €5.87 million. It is also the second-fastest gainer on the platform.
What is Monad and What’s Behind the Hype? #
Monad is a new layer-1 blockchain that is fully compatible with Ethereum. It is technically designed to process transactions faster and more cheaply than older networks.
MON is the native cryptocurrency of the Monad network, used for paying transaction fees and other network operations.
The excitement around Monad stems from its promise of high throughput and low costs, though it remains to be seen if these performance targets will be met in practice. The network aims to achieve a capacity of 10,000 transactions per second.
Monad has been in development for three years, building significant anticipation. Within the first 24 hours of its launch, the network had already processed 3.7 million transactions from 153,000 active addresses, according to data from analytics platform Nansen.