Former BitMEX CEO Arthur Hayes has invested in Monad (MON) and predicted the token could reach $10, sparking debate about whether his endorsement signals opportunity or marks a price peak. The MON token has surged more than 55% following its mainnet launch, but Hayes' track record of promoting altcoins that subsequently declined has left traders divided on the token's prospects.
What Happened: Hayes Backs MON Token
Hayes publicly disclosed his purchase of MON tokens and shared his $10 price target on social media platform X. The statement follows the Nov. 20 launch of Monad's mainnet and token distribution, which initially triggered a price drop before the sharp reversal. The blockchain project raised $269 million through a token sale on Coinbase's platform, with 85,820 participants purchasing MON at $0.025 per token.
Monad co-founder Keone Hon said the sale exceeded targets due to surging interest toward the end of the offering period. The project distributed 7.5% of its 100 billion total token supply through the public sale, with an additional 3.3% allocated for airdrops.
The network claims capability to process 10,000 transactions per second with 0.4-second block times and 800-millisecond finality, while maintaining full compatibility with the Ethereum Virtual Machine.
However, the token distribution drew criticism from some analysts. An anonymous analyst at CoinMamba called Monad's tokenomics "predatory," noting the 27% team allocation represents the highest in the industry. The assessment highlighted that venture capital firms received 20% of tokens at more favorable terms than retail investors, while 38.5% was designated for ecosystem development.
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Why It Matters: Hayes Effect Questioned
Hayes' endorsement history has created skepticism among traders who view his public support as a contrarian indicator. He previously promoted Ethena (ENA), Hyperliquid (HYPE), and Ethereum (ETH), but some of these tokens declined after he later disclosed selling portions of his holdings.
This pattern has led market participants to interpret his bullish statements as potential local top signals rather than indicators of sustained upward movement.
Technical analysis shows MON trading within an ascending channel pattern on shorter timeframes, with support at $0.041. A sustained breakout above $0.048 resistance could push the token toward $0.064, though a breakdown would target $0.033 support. The token remains in price discovery as the market establishes valuation benchmarks based on early trading activity and investor sentiment.
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