The Monad public token sale kicked off on November 17 via Coinbase’s platform—the first of its kind there—and it’s indeed hovering around 60% filled after the initial day, with about $112.5M raised toward a $187.5M target 7.5B tokens at $0.025 each, implying a $2.5B fully diluted valuation.
As of now, two days in, it’s up to roughly 66% subscribed $123.7M raised, leaving $63.8M on the table before the November 22 cutoff. This “bottom-up” allocation prioritizes smaller bids to democratize access min $100, max $100K per user, which has kept whale dominance in check but also tempered the early frenzy compared to hotter sales like MegaETH.
Liquidity’s tight post-MegaETH funds unlocking Nov 21, and some retail hesitation at the FDV after recent L1 hype cycles. But conviction remains high—mainnet drops November 24, and bets on Polymarket peg the odds of hitting $400M+ at skewed upside.This isn’t the explosive FOMO of past L1 drops like Solana’s early days, but it’s a watershed: the first fully regulated token sale on a major CEX, open to U.S. users in 80+ countries with KYC baked in. Implications ripple wide.
Coinbase’s “bottom-up” model capping bids at $100K to favor retail normalizes compliant fundraising, potentially unlocking billions in traditional capital for chains like Monad.
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It sidesteps the VC-heavy pitfalls that bloated FDVs in 2024’s cycle, but critics argue it caps upside for early backers—expect more CEX-led sales for projects like Berachain or MegaETH by Q1 2026.
Democratized access boosts grassroots adoption, but whales eyeing “struggling” presales are pivoting to edgier bets like AI-memes or RWA plays. Long-term: If MON hits $0.10+ by EOY, it validates CEX presales as a $10B+ annual channel; otherwise, it reinforces “Coinbase curse” memes.
If FOMO hits as unlocks free up cash, we could see a late surge; otherwise, it risks undershooting and pressuring post-TGE pricing amid airdrop/VC sells. Solid tech play parallel EVM execution for 10k+ TPS positions it as Ethereum’s high-speed cousin, but execution will be key for that “global scale” vision.
$REKT’s Wild Ride: Liquidation Carnage and a Gritty Bounce
$REKT got absolutely rinsed yesterday in a brutal cascade on the IMF lending platform, plunging from a ~$130M market cap to $40M in under an hour price dipping to ~$0.0004—wiping out leveraged positions holding up to 5% of supply as collateral.
A single large wallet 4.5% of tokens got liquidated, sparking a domino effect across Morpho/IMF, clearing leverage down to 0.25% and even dragging $JOE and $MOG into the mess. Volume spiked to $32M, but it was mostly pain—traders lost big, and a post-crash dump added 2.5% more supply before getting rekt again.
On a transparent X Spaces with CEO osf_rekt, no equity conversions to dodge SEC headaches, and outreach to whales/funds with a recovery one-pager. Liquidity’s stabilized 1.6M bids vs. 200K risk, governance filings incoming, and the community’s holding strong—dips were bought hard, flipping it back toward $110M before settling around $70-80M today.
Narratives shifting to “lessons in leverage” and $REKT’s independent path shared only via Mando with $YEET. This isn’t fatal for a meme with real-world tie-ins, but it underscores DeFi’s razor edge—voluntary leverage turned into a $90M wipeout.
As of today, it’s idling at ~$65M MC ($0.00065), with leverage ratios neutered to <0.3% post-event. That single 4.5% whale trigger exposed systemic frailties, with knock-ons still felt.
The cascade spiking volume to $32M, mostly pain amplified a market-wide $1B+ liquidation wave, dragging correlated memes like $JOE down 15% and foreshadowing 2025’s flash crashes.
Protocols like Morpho now mandate “circuit breakers”, curbing cascades but stifling degen yields—TVL in leveraged memes dipped 25% YTD, shifting flows to safer perps on Hyperliquid.
For $REKT, it birthed “lessons in greed” governance boosting community lock-in but capping moonshot potential. $REKT’s bounce—fueled by Spaces AMAs and Rekt Drinks tie-ins—proved meme resilience, but the event etched volatility into retail psyches, with 40% fewer leveraged meme positions in Q4 2024 surveys.
It accelerated “narrative fatigue,” where 2025’s $93K BTC dip triggered $1B+ liqs, hitting alts like XRP/STRK hardest and underscoring how meme cascades seed altcoin winters. Such resets clear weak hands, priming $REKT for a 3x if BTC reclaims $100K; bear: Perpetual “rekt” stigma keeps it sub-$100M forever.
With BTC fear at extremes, these events scream “position for asymmetry”—stack quality, derisk leverage. Bullish on the resilience; if BTC holds $90K, we could see ATH hunts by December.
Crypto’s in flux— BTC testing $90K support amid macro noise— but these micro-events highlight the chaos fueling alpha. MON’s a bet on infra maturity; REKT’s pure degen theater.