Monad’s MON token traded around $0.0365 by mid-afternoon Monday, up roughly 46% from its $0.025 sale price after recovering from an early slide to about $0.02 shortly after tokens were distributed. It follows the close of Monad’s week-long public token sale on Coinbase, the first conducted through the exchange’s new token-launch platform.
The offering attracted $269 million in commitments from nearly 86,000 participants, a 1.43× oversubscription of the $187.5 million allocated amount. Participants came from more than 70 countries, and Coinbase said internal polling showed most joined for long-term exposure rather than short-term speculation.
Prior to distribution, some users raised questions about language in Coinbase’s “How token sales work” explainer, which warned that quickly “flipping” tokens could lead to smaller allocations in future offerings. A few participants worried that simply withdrawing MON onchain so they could use it on applications at launch might fall under that definition.
A Coinbase spokesperson told The Block this is not the case, saying that withdrawing MON to participate in the network “is not in itself penalized” under the mechanism. The launch coincides with Monad’s mainnet going live on Monday with support from MetaMask, Phantom, Curve, Uniswap, USDC, USDT0, and other major crypto applications.
Roughly 38.5 billion MON entered circulation for ecosystem development at launch, while 50.6% of the total supply — including allocations to the team, early investors, and the foundation treasury — remains locked until vesting begins in the second half of 2026 and continues through 2029. The token’s 24-hour trading volume sits around $450 million, Coinbase data shows, giving it a market cap of around $394 million and a fully diluted valuation of $3.6 billion.
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