BitMEX co-founder Arthur Hayes on Thursday reversed his bullish stance on Monad's token within hours, calling the Layer 1 project "dogshit" and urging followers to "send this to zero" after initially predicting MON would hit $10..
What Happened
Hayes, one of the industry’s most influential personalities, reversed his stance on the token on Thursday saying, ""I'm out. Send this dogshit to ZERO!."
A day earlier, Hayes posted that he had bought into the project, describing MON as “another low float, high FDV useless L1” but urging, “$MON to $10.”
Hayes did not clarify whether he exited at a profit or loss, nor what triggered the reversal.
Yellow.com reached out for comment but has not received a response.
Also Read: Monad Sees Rapid Holder Growth And Heavy Network Activity After Mainnet Launch
Why It Matters
Hayes' rapid flip highlights a persistent issue in crypto: the power of high-profile traders to move prices through public commentary, often without accountability for the financial consequences faced by retail followers.
Unlike traditional financial advisors, crypto influencers operate without regulatory oversight. They can post bullish calls, reverse them within hours, and face no consequences. Retail traders often lack the liquidity or speed to exit positions as quickly, leaving them as exit liquidity.
Monad's mainnet launched earlier this week after raising $225 million from Paradigm, Dragonfly Capital, and Coinbase Ventures at a $3 billion valuation.
The MON token debuted at $0.042 and rallied 40% in 24 hours before experiencing volatility.
Hayes' initial tweet criticized the project's tokenomics, low circulating supply and high fully diluted valuation, while simultaneously disclosing he bought anyway.
His endorsement likely contributed to the speculative buying, while his reversal may trigger short term selling pressure from those now underwater.
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