Arthur Hayes Turns on Monad (MON) as Whales Sweep Up 300 Million Tokens
Arthur Hayes abruptly reversed his support for Monad (MON), urging its price to zero while whales simultaneously accumulated over 300 million tokens.Summary
BitMEX co-founder Arthur Hayes dramatically reversed his stance on the Monad (MON) token, first hyping it with a "MON to $10" prediction, only to publicly slam it two days later and urge traders to send it to zero. This public dismissal contrasts sharply with on-chain data showing significant accumulation by large holders (whales), who collectively swept up over 300 million MON tokens, including one address withdrawing $3 million worth from Gate.io.
Simultaneously, Hayes rotated his capital into other assets, accumulating ENA, PENDLE, and ETHFI, suggesting a broader strategy shift away from high-FDV Layer-1 narratives like MON towards tokens associated with "real yield" and liquid staking. This behavior led to speculation that Hayes might be intentionally playing volatility or engaging in emotional trading, as noted by Lookonchain.
The article also notes that the MON price dropped over 13% amid concerns over fake ERC-20 transfer attacks designed to mislead users during the token's mainnet launch frenzy, highlighting a market environment where deep pockets continue to accumulate despite the noise and volatility.
(Source：BeInCrypto)