A new altcoin called Monad (MON) is attracting market attention as large investors show significant appetite for the cryptocurrency. Market analyst Lookonchain today identified a whale who has been accumulating MON for several days now. Since the launch of Monad, the whale has spent $2.13 million USDC to buy 70.64 million MON tokens at an average price of $0.03267, according to data shared by the analyst. The whale’s wallet currently holds 70.64 million MON tokens with unrealized losses worth $250,000 due to the recent token price downturn.
Monad, a layer-1 blockchain network, launched its mainnet and native token (MON) on November 24, 2025, and eventually listed for spot trading on prominent centralized exchanges, including Coinbase, KuCoin, Bybit, and many others. With the token launch, Monad positioned itself as one of the most targeted crypto projects among investors, evident by its recent explosive price growth.
Whale Activity and Arthur Hayes’ Criticism on Monad
Latest data from Lookonchain indicates that MON is still attracting interest from whales, with accumulation continuing to rise despite the recent price drop and heightened selling pressure. The crypto debut attracted huge interest from both long-term investors and speculative traders who took the opportunity to capitalize on early price gains to make money.
Crypto investor and former BitMEX chief executive Arthur Hayes was one of the savvy investors who accumulated MON at an early stage but later sold tokens for profitability. Hayes bought the asset on 27th November, but two days later, he sold all his MON holdings following his criticism of Monad’s token structure. On November 29th, Hayes criticized Monad, which had only been online for six days, describing it as another high-market-cap, low-circulation cryptocurrency. According to Hayes, this means the crypto asset has a significant valuation based on its FDV (fully diluted value), but only a small percentage of its total supply is currently available to the public for trading. This powerful attack on Monad’s token design prompted Monad CEO Keone Hon to respond to Hayes’ comments on the risks associated with MON.
Despite Hayes’ public criticism and his sudden sell decision that put greater pressure on MON price, on-chain metrics indicate different movements from large investors who are significantly adding MON tokens to their portfolios. Data from Lookonchain shows whales continue to quietly accumulate large positions of MON coins even as prices are currently down.
What’s Next Move for Monad?
While MON recorded an increase of 2.3% today, currently making its price stand at $0.02856, the token has been down 32.2% over the past week, showing its market bearishness. Monad continues to experience substantial selling pressure as bulls struggle to bolster the price back above crucial resistance levels. After a week of price falls, market sentiment remains fragile as indicated by the asset’s struggles to find a strong footing.
However, the continued smart accumulation by whales is an indicator of long-term investor confidence in the asset. Historically, whale dip-buying tends to precede bottoms, as the liquidity triggered by sell pressure eventually attracts new buyers and drives price upward.
