Monad Surges Following Airdrop as Bitcoin and Ethereum Slip

The price of Monad’s native cryptocurrency climbed on Tuesday following a highly anticipated airdrop that initially fell short of some speculators’ expectations.

The token, which serves both to pay transaction fees and to secure the layer-1 network via staking, recently traded at $0.042—up 19% from the previous day, according to CoinGecko.

MON’s latest price represents a 68% jump from its initial $0.025 valuation on Monday, which was set during a recent public sale. Earlier on Tuesday, the token even touched $0.045.