$MON MON (Monad) down 13.34% in 24 hours, market cap around $294 million

Gate News Bot reports that on December 5th, according to CoinMarketCap data, as of press time, MON (Monad) is trading at $0.03, down 13.34% in the past 24 hours, with a high of $0.04 and a low of $0.02. The current market cap is around $294 million, down about $45.26 million from yesterday. Monad is a next-generation Ethereum-compatible chain designed to deliver high performance and scalability. The network can process 10,000 transactions per second, offers sub-second finality, low fees, and scalable decentralization. Monad is fully EVM compatible, allowing developers to seamlessly migrate existing Solidity contracts and tools.

Recent key updates on MON:

1️⃣ Market sentiment turns negative, price remains under pressure
MON's price continues its downward trend, falling 13.34% in 24 hours. Some whales' continued buying strategies have led to unrealized losses exceeding $250,000, reflecting short-term bearish market sentiment. Meanwhile, industry figures such as Arthur Hayes remain pessimistic about MON's outlook, suggesting it could face a 99% drop, further intensifying bearish sentiment.

2️⃣ Divergence between ecosystem development and trading activity
Despite the price drop, the Monad ecosystem still shows some activity. MON trading volume on the Solana chain continues to rise, and some liquidity pools have seen a significant increase in annualized yields. However, most meme coins on-chain have seen sharp fluctuations in market cap, reflecting uneven development within the ecosystem.