MONAD dropped 5% as large holders dumped more than 8 million tokens within 24 hours, raising concerns about sustained downward pressure. On-chain data shows wallets containing over $1 million in the altcoin accelerated their selling while network activity approached near-flatline levels.
What Happened: Mass Whale Distribution
Large Monad holders shed 8 million tokens in a single day, according to on-chain tracking from Nansen.
The selling came from wallets holding more than $1 million worth of MONAD, excluding exchange addresses.
This represents one of the most concentrated distribution events the altcoin has experienced since broader market weakness triggered a sharp price decline.
The token traded at $0.029 at press time, down 5% over the previous 24 hours. Active addresses on the Monad network declined steadily throughout the past week, with engagement dropping to minimal levels in recent days. These addresses represent users sending, receiving or executing transactions on the chain.
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Why It Matters: Confidence Erosion
The simultaneous drop in active addresses compounds concerns, as reduced network participation limits organic demand needed for price stabilization.
MONAD is attempting to hold support between $0.027 and $0.030, but continued whale distribution could push the altcoin toward $0.023. A recovery above $0.030 would need to reach $0.035 to shift sentiment, with potential extension to $0.045 if momentum returns. That scenario would require whales to pause selling and users to increase chain activity.
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