Monad (MON) Price: Arthur Hayes Exits While Whales Accumulate 300 Million Tokens

TLDR

• Arthur Hayes reversed his position on Monad (MON) just 48 hours after hyping it, publicly urging traders to send the token to zero
• Despite Hayes’ exit, whales accumulated over 300 million MON tokens, with one address withdrawing 73.36 million tokens worth $3 million from Gate.io
• Hayes rotated his capital into ENA, PENDLE, and ETHFI tokens, spending over $3 million across these assets
• MON price dropped 15% to $0.03 after fake token transfer attacks exploited the ERC-20 standard shortly after mainnet launch
• The network recorded 150,000 active users and 4.7 million transactions, with stablecoin transfers reaching $711 million

Arthur Hayes, the former BitMEX CEO, created chaos in the Monad (MON) market this week. He reversed his position on the token just two days after promoting it.

On November 25, Hayes joked about the bull market needing another low float, high FDV Layer-1 token. He admitted he bought into MON anyway.

By November 27, Hayes declared himself “out” of the position. He told traders to disregard MON entirely and send it to zero.

However, blockchain data tells a different story. Large holders continued buying MON despite Hayes’ public exit.

One whale address withdrew 73.36 million MON from Gate.io within 24 hours. The withdrawal was worth approximately $3 million.

Mega whales increased their MON holdings by 10.67%. They added 17.08 million tokens worth roughly $717,000, bringing their total to 176.44 million MON.

Regular whales added 4.80 million MON during the same period. Their holdings expanded by 9.51% to reach 55.42 million MON.

Hayes Shifts Capital to Other Tokens

While exiting MON, Hayes moved money into three other tokens. He bought 4.89 million ENA worth $1.37 million.

He also purchased 436,000 PENDLE tokens valued at $1.13 million. Hayes added 696,000 ETHFI tokens worth $543,000.

On November 26, he spent another $536,000 on 218,000 PENDLE tokens. Nine hours before reports surfaced, Hayes bought 873,671 ENA for $245,000.

This came after he sold 5.02 million ENA two weeks earlier at a lower price. Lookonchain noted Hayes was “selling low, buying high.”

Token Faces Spoofing Attacks

The MON price fell 15% to $0.03 over 24 hours. The drop followed fake token transfer attacks on the network.

Bad actors exploited the ERC-20 standard to mislead users. They created fake wallet activity and simulated trading patterns.

Monad co-founder James Hunsaker confirmed the spoofing issue on Tuesday. He warned users about transactions falsely appearing from his wallet.

One fraudulent contract generated fake swap calls around the MON ecosystem. The attacks targeted users during the early mainnet launch frenzy.

Despite the price drop, Monad remains up 47% since its November 25 debut. The token opened at around $0.02, according to CoinGecko data.

Some indicators suggest early holders are taking profits. A bid-ask delta indicator turned negative after MON stabilized around $0.47 on November 26.

The order book imbalance shows sellers currently outweigh buyers in that price zone. Derivatives traders have added downward pressure through new short positions.

Shivam Thakral, CEO of BuyUCoin, said investors are looking for real workloads and developer traction. The market will demand evidence before re-rating the asset.

The network attracted nearly 150,000 active users since launch. It recorded 4.7 million on-chain transactions, according to Artemis data.

Stablecoin transfers to Monad reached $711 million. The growth came from collaborations with Solana and deBridge for cross-chain asset flows.

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