Monad: What it is, the price 'predictions,' and the Coinbase pump chatter
Coinbase's Monad Pump: Genius Move or Desperate Gamble?
Alright, let's talk about this Monad thing. Another day, another crypto promising to revolutionize… something. This time it's Monad, and the hype train is leaving the station, fueled by a Coinbase listing and, surprise surprise, some early drama.
Monad's Rocky Start: Sell Button Blues
So, Monad launches, right? After three years in development, which, let's be honest, is an eternity in crypto years. They sold 7.5 billion MON tokens for $0.025 a pop. Not bad, if you can get it. Then, BAM! The market opens, and everyone who got in early starts dumping their bags. The price tanks from $0.026 to $0.022. Panic sets in.
Then the really interesting part happens: Coinbase, the exchange that hosted the presale, temporarily disables selling and withdrawals. Seriously?
It was spotted by some eagle-eyed crypto dude on Twitter, who noted "$MON sell pressure got so high that Coinbase had to disable selling." I mean, you can't make this stuff up.
Coinbase claims it was just a temporary measure to "stem the bleeding." Okay, sure. But let's be real, what else could they do? Let their first presale look like a complete disaster? Nah, gotta protect that image.
But here's the question: is that even legal? I mean, they're essentially manipulating the market, aren't they? Someone needs to look into this, offcourse.
The move did work, though. The price bounced back, and now everyone's celebrating a +25% surge. Trading volume is through the roof, exceeding Monad's market cap. Apparently, that's a bullish sign, indicating demand and the potential for the market cap to "catch up" to the volume. It’s crypto astrology at this point, ain’t it?
The $0.10 Dream and the Plasma Nightmare
Now, everyone's talking about a $0.10 Monad price prediction. A +200% move from the current price. That's the dream, anyway. But let's not get ahead of ourselves.
Remember Plasma? Launched with similar fanfare, soared to a $3 billion valuation, then crashed and burned in a matter of months. Deposits halved, the token tanked. Sound familiar? Berachain suffered a similar fate, too.
So, what makes Monad different? Maybe it's the condition in Monad's token sale, conducted through Coinbase. People who dump their tokens early will find it harder to get allocations in future sales. A subtle way to discourage early selling, I guess.
Monad is a new Ethereum-compatible blockchain that aims to offer fast, low cost transactions. Investors like Paradigm, Coinbase Ventures, and Dragonfly Capital have already poured $248 million into Monad over multiple funding rounds.
They've processed over three million transactions from 140,000 addresses, and developers have deployed over 18,000 smart contracts to the blockchain, per Nansen data. But let's see if those numbers mean anything in six months. I mean, the website tried to block me from viewing the content, so I'm already sketched out.
And honestly, all this talk about "EVM Layer-1 network" and "staking yields of 73% APY" just makes my eyes glaze over. It's the same promises, the same buzzwords, the same… everything. It's like they're running on a script.
I'm not saying Monad is doomed. Maybe it'll be the next big thing. Maybe it'll revolutionize… something. But I've seen this movie before, and it usually ends with a lot of people losing a lot of money.