Market Overview and Recent Developments
The Layer‑1 cryptocurrency Monad (MON) continues to attract sharp scrutiny from former crypto industry figures, most notably Arthur Hayes, the former CEO of BitMEX. Over the past few hours on November 29, 2025, Hayes has issued a series of statements that paint Monad as a “VC‑coin” engineered to favor early investors at the expense of retail participants. His comments, repeated across multiple reputable outlets—Cryptopolitan, Cryptopanic, and Crypto‑News‑Flash—focus on the token’s supply dynamics, valuation metrics, and the perceived lack of real‑world utility.
Hayes’ Critique: High FDV and Low Float
Hayes repeatedly points to Monad’s high fully‑diluted valuation (FDV) and the limited circulating supply as the core reasons the coin is “primed for a brutal crash.” He argues that such a structure creates a mechanism whereby founders and venture capital stakeholders can exit positions once retail buyers are attracted to the project. This assertion is backed by the observation that MON has already fallen 25 % from its recent pump and that the token’s price is currently $0.0328 (closing at 28 Nov 2025), a steep decline from its 52‑week high of $0.0488 on 25 Nov 2025.
In a broader context, Hayes’ remarks echo a common narrative in the crypto space: that many newly launched layer‑1 projects, despite early hype, fail to deliver sustainable growth. He cites Monad as an example where “the lack of real‑world use” further undermines confidence.
Market Reactions and Liquidity Concerns
Following Hayes’ statements, market cap for Monad stands at $321 894 360, a figure that underscores its relative size compared to other emerging L1 tokens. While the price remains above the 52‑week low of $0.0206 (23 Nov 2025), the sharp volatility is evident. Traders and institutional observers note that Monad’s token economics—specifically its low float—could exacerbate price swings, especially if a significant portion of the supply is held by early stakeholders.
Regulatory and Legal Context
While the news cycle is dominated by Hayes’ warnings, it is worth noting that the broader crypto landscape continues to be affected by legal actions, such as the newly filed class‑action lawsuit against Kalshi Inc. for alleged deceptive practices. Although unrelated to Monad, the lawsuit highlights increasing scrutiny over how crypto platforms present themselves and the importance of transparency for market participants.
Conclusion
Monad’s current trajectory, as depicted by recent market data and high‑profile criticism, suggests a highly contested environment for the token. Investors and analysts alike are weighing the structural risks outlined by Hayes against any potential upside that might arise from the project’s underlying technology or community development. As with many emerging cryptocurrencies, the balance between speculative interest and fundamental viability remains a focal point for stakeholders monitoring the space.
