Hyperliquid News Today: Monad's Airdrop Hype Meets Skepticism as Half of Allocations Vanish

A record 52.4% of addresses participating in the anticipated Monad airdrop have already emptied or transferred their allocated token quotas, signaling heightened activity ahead of the blockchain's token launch. The airdrop, which has drawn significant speculation in crypto markets, is expected to distribute 100 billion MON tokens with a fully diluted valuation (FDV) of approximately $13 billion, based on recent trading data from decentralized exchanges.

Hyperliquid, a leading decentralized perpetuals exchange, listed MON-USD hyperps earlier this month, enabling traders to speculate on the token's price ahead of the airdrop. The market has seen over $28 million in trading volume in 24 hours, with MON priced near $0.13, though its trading debut was muted, hovering around $0.02417 with $50 million in volume. Critics have raised concerns about token distribution, noting that the Monad team holds a 27% allocation, which some argue could undermine confidence in the project's decentralization according to a recent analysis.

The airdrop claims portal is set to open on Oct. 14, though details on eligibility criteria remain undisclosed. This lack of transparency has left the community in a holding pattern, with many monitoring social media updates for clarity. Meanwhile, the project's "airdrop claim loading" progress reached 98% on Oct. 8, further fueling speculation that the airdrop is imminent.

The broader market context highlights mixed sentiment. While the memecoin sector has seen a sharp decline in 2025, dropping to a $39.4 billion market cap-a 66.2% drawdown from its January peak-Monad's Layer 1 blockchain has positioned itself as a high-performance, EVM-compatible platform, according to market analysis, attracting developers and traders.

The token's performance will be closely watched as a barometer for investor appetite in layer-1 projects amid a volatile crypto landscape.