Hyperliquid News Today: Excitement Over Monad's Airdrop Faces Doubt as 50% of Tokens Disappear

More than half—52.4%—of wallets eligible for the much-anticipated Monad airdrop have already withdrawn or moved their token allocations, reflecting increased activity in advance of the blockchain’s token debut. The airdrop, which has generated considerable buzz in the crypto community, will distribute 100 billion MON tokens, with a projected fully diluted valuation (FDV) near $13 billion,

from decentralized exchanges.

Earlier this month, Hyperliquid—a top decentralized perpetuals platform—introduced MON-USD hyperps, allowing users to trade on the token’s price before the airdrop. In the past 24 hours, trading volume has surpassed $28 million, with MON hovering around $0.13, though its initial trading session was subdued,

. Some have voiced concerns over the token’s allocation, pointing out that the Monad team controls 27% of the supply, which critics say could cast doubt on the project’s decentralization .

The portal for claiming airdropped tokens is scheduled to go live on Oct. 14, but

have not yet been made public. This opacity has left the community waiting for more information, with many turning to social media for updates. Meanwhile, as of Oct. 8, the “airdrop claim loading” indicator hit 98%, that the airdrop will happen soon.

The wider market shows mixed signals. Although the

segment has plummeted in 2025, falling to a $39.4 billion market cap—a 66.2% drop from its January high—Monad’s 1 blockchain has carved out a reputation as a fast, EVM-compatible network, , drawing interest from both developers and traders.

How the token performs will serve as a key indicator of investor sentiment toward layer-1 projects in a turbulent crypto market.