Monad (MON) Price: New Chain Launches With 53% Rally But Faces Spoofing Attacks

TLDR

• Monad (MON) price surged 53% following its mainnet launch, breaking out of a multi-week consolidation pattern and trading near $0.042
• The network went live with 10,000 transactions per second capability and low-cost execution, attracting over 76,000 wallet claims
• Fake ERC-20 transfer attacks appeared less than two days after launch, with attackers exploiting the token standard to create misleading transaction activity on blockchain explorers
• MON reached a market cap near $500 million after rising 43% from its launch, with buyers defending key support around $0.03
• Monad CTO James Hunsaker warned users about spoofed transactions that appear legitimate but involve no actual fund movements or wallet signatures

Monad’s mainnet went live this week and brought quick price action to its MON token. The network’s debut pushed the token up more than 53% as buyers responded to the launch event. MON now trades near $0.042 after breaking out from its previous range.

The price movement came as more than 76,000 wallets claimed their MON tokens. Users gained access to airdropped and publicly sold tokens once the network activated. Trading volume increased as participants explored the new blockchain environment.

The network launched with a focus on speed and efficiency. Monad offers 10,000 transactions per second and positions itself as an EVM-compatible chain with parallel processing. The platform aims to compete with existing networks by addressing congestion issues.

MON started trading after aligning with its public sale price of around $0.025. Buyers moved in quickly once the chain went live. The token climbed through several price levels as early activity expanded across the ecosystem.

The price chart shows a clean break from the downward channel that controlled earlier movement. Buyers pushed MON above key resistance zones and created a stronger base. The token reclaimed the mid-range area near $0.03 with clear buyer support.

Technical indicators reflected the shift in momentum. The DMI shows the positive directional indicator near 62 with separation from the negative line. The ADX prints above 63, confirming rising trend strength. The structure now supports further upward movement if buyers hold current levels.

Security Issues Emerge Early

Less than two days after launch, fake token transfers appeared on blockchain explorers. Monad CTO James Hunsaker issued warnings about spoofed ERC-20 transactions appearing on the network. These transfers looked like standard token movements but involved no actual fund transfers.

The spoofing technique exploits how ERC-20 contracts function. Attackers deploy contracts that emit events resembling legitimate transfers. These events appear on blockchain explorers as real activity even though no tokens move and no wallet signatures are issued.

Hunsaker explained the issue stems from the ERC-20 interface standard rather than a flaw in Monad’s blockchain. The standard allows anyone to deploy a contract that meets minimum requirements while inserting misleading address data. Malicious actors use this structure to create false transaction histories.

One example showed fraudulent contracts generating fake swap calls and simulated trading patterns. The activity appeared authentic to users checking transaction history on explorers. The attacks targeted the busy onboarding period when users were opening wallets and claiming tokens.

Network Activity Grows

Wallet activity increased as developers tested deployments on the new chain. Several teams moved quickly to assess applications and explore the network’s capabilities. The platform gained listings across multiple exchanges, which strengthened visibility.

Early adopters interacted with smart contracts and completed transfers to test the system. The launch created a new narrative around execution speed in the blockchain space. User engagement expanded as participants examined the network’s performance under real conditions.

The token now faces resistance near $0.047, which may slow the next price advance. Support remains firm as long as buyers guard the reclaimed $0.03 zone. Monad currently holds a market cap near $500 million according to CoinGecko data.

The network continues onboarding users as more wallets become active. Developers are building applications that take advantage of the parallel processing model. Trading activity stays elevated as participants monitor the chain’s early performance.

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