BitMEX Founder Warns Monad May Crash 99%, Calling “ETH Killer” Useless

BitMEX co-founder Arthur Hayes has warned that Monad may crash 99%. He said in an Altcoin Daily interview that Monad is set up in a way that mainly helps insiders, not normal users. 

With MON already falling 25% from its first big pump, many are now questioning its future as its lack real world use case.

Hayes: Monad May Crash 99%

During the interview, Hayes openly criticized Monad’s token model and future potential. He made it clear that he does not trust the way Monad’s token economics are structured.

• Due to the high fully diluted valuation (FDV)
• Very low circulating supply
• Early insiders waiting to sell at peak hype

According to Hayes, Monad’s token setup is “built for founders and VCs to dump on retail traders once token hype peaks.

While he admitted that he personally holds a very small allocation, he made it clear he is “99% bearish.”

“It’s going to go down 99%,” Hayes warned, calling Monad a bear chain designed for a big first pump and then a painful crash.

Not Even Close to Ethereum, Not Even Solana

Hayes also challenged the narrative that sees Monad as a strong Layer-1 capable of challenging Ethereum’s dominance. He directly said that Monad has no real chance of defeating Ethereum and won’t even catch up to Solana in terms of real adoption.

Arthur Hayes believes the biggest issue with Monad is not its technology, but the expectations surrounding it. 

He explained that the project is making big promises about performance and innovation, yet it has not clearly shown how it will solve real problems in the crypto world.

MON Drops 25% from Peak Price

Since launch, Monad’s native token MON has seen strong volatility. After debuting near its public sale price of $0.025, early trading pushed it as high as approximately $0.0487, almost double the sale price. 

As of now, MON is trading around $0.036 with a market cap hitting $396.64 This puts it roughly 25% down from its all-time high.