Monad (MON) faces a selling storm: after a fiery ICO, it fell by 24%, and Arthur Hayes bluntly stated "it will fall to zero".

Monad (MON) quickly became the market focus after completing a $269 million ICO at an astonishing speed. However, within just a few days, market sentiment plummeted, and the price of the Token has fallen by 24%, raising sustainability concerns.

In an interview, Maelstrom CIO Arthur Hayes bluntly stated that aside from BTC, SOL, and ETH, most Layer 1 projects will ultimately go to zero, and Monad is no exception. He believes that MON is a typical “high FDV, low circulation VC Token,” and the short-term increase cannot cover the risk of a 99% fall in the future. Hayes pointed out that the insider lock-up ratio is too high, and once the Token is unlocked, a large-scale sell-off may occur.

Although Monad co-founder Keone Hon emphasized that the project has leading technological innovations, Hayes stated that the issue lies in the Token economic model, not the technology. He questioned how Monad can maintain its current price with an inflation rate of about 1% per month, and called on the project team to unlock all Tokens to allow the market to enter a true price discovery phase.

Meanwhile, some in the community pointed out that Maelstrom itself holds multiple locked Token projects, implying that Hayes's viewpoint may have a bias.

The market side is also intensifying pressure. According to market data, MON has fallen below the issuance price of 0.0288 dollars, and large whale holders are facing significant losses. On Hyperliquid, two previously profitable whales lost a total of 3.23 million dollars within 24 hours, triggering a wave of liquidations and further reinforcing bearish sentiment.

As the giant whales bear immense pressure and liquidity plummets, the short-term outlook for MON becomes more severe. Although its technical strength is recognized, the token's economic structure and unlocking risks are becoming the core factors dragging down the market, and retail investors may also become the ultimate victims.