- Monad demonstrates sustained bullish momentum following a successful mainnet launch and ecosystem integrations.
- Binance Futures will execute the delisting of PONKE, SWELL, and QUICK on November 28.
- The aforementioned altcoins are poised for heightened volatility in the upcoming trading sessions.
The digital currency market has exhibited a commendable performance on Tuesday, with the aggregate value of cryptocurrencies approaching the $3 trillion threshold following a 2% surge within a 24-hour timeframe.
Concurrently, analysts project significant rebounds in market dynamics after the US Producer Price Index (PPI) report, released today, indicated a cooling inflationary trend and heightened probabilities of the Federal Reserve reducing interest rates during its December assembly.
This analysis aims to evaluate three tokens that have garnered considerable attention in the preceding 24 hours.
Monad: A New Contender in the Spotlight
The Layer 1 blockchain platform Monad has recently emerged as a focal point of interest following its highly anticipated mainnet and token launch, which transpired on November 24. The native token, MON, has notably defied earlier bearish forecasts made by analysts and traders alike.
Initially, there were expectations of a poor performance for MON based on historical trends and the prevailing weakness in the broader market context. It is not uncommon for newly launched projects to experience pronounced selling pressure as community members capitalize on profits derived from promotional giveaways and airdrops. However, MON has charted an unconventional path.
Following its launch, MON did experience a brief downturn, reaching an intraday low of $0.02252. Nonetheless, sustained enthusiasm surrounding notable projects such as PancakeSwap and Solana reinvigorated optimism towards Monad, catalyzing a substantial rebound overnight. As of the current market assessment, MON is trading at $0.03931, reflecting an impressive gain exceeding 60% within the last 24 hours.
The daily trading volume for MON surged dramatically by over 4,700%, reaching $1.11 billion—an indicator of robust market interest surrounding this project with a market capitalization of $424 million. Although the Layer 1 blockchain sector may appear saturated, Monad’s Ethereum Virtual Machine (EVM) compatibility and its remarkable transaction settlement capacity of up to 10,000 transactions per second (TPS) position it as a technically compelling new entrant within this competitive landscape.
Binance Futures: Strategic Delisting of PONKE, QUICK, and SWELL Contracts
In juxtaposition to Monad’s burgeoning success, Binance Futures has introduced considerable perturbations within the altcoin ecosystem with the announcement regarding the removal of perpetual contracts for PONKE, QUICK, and SWELL set to occur on Friday, November 28. The communication disseminated via X confirmed that these contracts will be delisted post-settlement.
In anticipation of this announcement’s impact, the aforementioned tokens have exhibited bearish trends, each experiencing declines exceeding 5% over the past day.
Despite demonstrating some resilience attributable to improved overall market sentiments, these altcoins are expected to undergo significant volatility leading up to November 28. In their advisory communication, Binance highlighted concerns regarding potential fluctuations in liquidity and heightened liquidation risks during the final hour preceding settlement. The exchange cautioned:
“Users are strongly advised to actively monitor and manage open positions during this final hour due to anticipated volatility and reduced liquidity.”
Furthermore, Binance has urged users maintaining active positions to close them prior to the designated listing time of Friday at 09:00 UTC to avoid automatic settlement. New positions on PONKE, QUICK, and SWELL contracts will no longer be permitted starting November 28 at 08:30 UTC.
