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A Historic Launch on Coinbase
Monad officially opened its public token sale on Coinbase at 9:00 AM ET today, becoming the first token sale ever hosted on the exchange. Within the first 6 hours, the ICO was already 45% subscribed, with over $100 million in allocation still available, according to early reporting from market trackers.
The offering will remain open for 5.5 days, ending on November 22 at 9:00 PM ET, and it is already shaping up to be one of the most closely watched L1 launches of the year. Coinbase priced MON at $0.025, with a minimum bid of $100 and a maximum bid of $100,000.
The sale allocates 7.5B MON to the public, representing 7.5 percent of the 100B total supply. The structure is unusually transparent for a major L1 launch and gives the market clear benchmarks for valuation and the early subscription numbers suggest retail and institutional demand is strong right out of the gate.
Why This Sale Matters
Making Monad the first token ever sold through Coinbase is a major signal. Coinbase historically avoids untested distribution formats, so selecting MON for its debut token sale implies significant internal vetting and regulatory comfort.
The sale’s pricing also gives analysts a clean valuation anchor. At $0.025 per token, the implied fully diluted valuation sits at $2.5B. But that figure is only the baseline. With a small circulating float expected at launch, early trading could swing sharply depending on demand and liquidity.
The Setup for MON's Trading Debut
The close of the sale on November 22 sets up the next major moment: MON’s first day of secondary-market trading. L1 launches with limited float often see violent initial moves as bids overwhelm available supply. History suggests that if demand shows up, tokens like MON can trade at a premium to their sale price almost immediately.
The combination of Coinbase’s backing, tight circulating supply, and widespread anticipation has already drawn speculators and analysts into position. But prediction markets are the clearest place where expectations are visible in real time.
How Polymarket Is Pricing MON Right Now
The most active MON market on Polymarket is focused on Monad’s fully diluted valuation one day after launch. The market shows traders leaning heavily toward an FDV above $2B, with strong confidence that MON clears the baseline valuation implied by the $0.025 sale price.
Odds taper as the thresholds rise, but there is still meaningful activity in the higher ranges. Markets around $3B and $4B remain competitive, with traders split on whether demand and low float can push MON into mid-single-digit billions on its first trading day.
Once the valuations climb above that zone, probabilities thin out, but not enough to dismiss the possibility of an aggressive day-one rally. The presence of liquidity in these upper brackets shows that traders are still treating a multi-billion-dollar opening as plausible given Coinbase’s role, the scale of interest, and the attention on Monad’s launch.
The current pricing makes Polymarket the clearest real-time read on sentiment. Traders are using the sale mechanics, float expectations, and broader L1 appetite to handicap where MON will settle after its first 24 hours of trading.
What Happens Next
The MON sale ends on November 22, after which all attention shifts to the opening hours of trading. If demand meets the enthusiasm visible across social channels and prediction markets, MON could debut well above its sale-implied valuation. If not, the $0.025 level may act as a natural anchor for early pricing.
Either way, Monad’s launch is already a milestone. It is Coinbase’s first token sale, one of the most anticipated L1 debuts of 2025, and now the center of a fast-moving prediction market that is trying to price its future before it even trades.
