Altcoins today: Monad rallies 60%; PONKE and QUICK plunge on Binance delisting
- Monad maintains a bullish momentum after a strong mainnet launch and ecosystem integrations.
- Binance Futures will delist PONKE, SWELL, and QUICK on November 28.
- The three altcoins brace for intensified volatility in the coming few sessions.
The digital currency market is performing relatively well on Tuesday, with the value of all cryptocurrencies testing the $3 trillion mark after 2% surge in the past 24 hours.
Meanwhile, analysts are now forecasting substantial rebounds after today’s US PPI indicated cooling inflation and chances of the Fed lowering interest rates during the December meeting.
This article evaluates three tokens that remained in the limelight over the past 24 hours.
New Monad steals the show
The Layer 1 Monad has been in the spotlight amid its highly anticipated mainnet and token release, which happened yesterday, on November 24.
Meanwhile, native token MON has surprised analysts and traders.
Experts had forecasted bearish performance for the new token, citing previous trends and broader market weakness.
Indeed, most projects suffer immense selling pressure after official launches as the community locks profits after giveaways/airdrops.
However, the story is different for MON. The alt saw a brief decline after launch, hitting an intraday low of $0.02252.
However, continued excitement as leading projects like PancakeSwap and Solana revived optimism on the project, catalysing notable bounce-backs overnight.
The asset is now exchanging hands at $0.03931 after an over 60% gain on the 24-hour timeframe.
MON’s daily trading volume has skyrocketed by more than 4,700% to $1.11 billion.
That signals robust interest in the $424 million market-cap project.
Though the L1 sector could appear saturated, Monad’s EVM-compatibility perks and transaction settlement of up to 10,000 TPS (transactions per second).
Indeed, this developer familiarity and massive throughput positioned MON as a technically promising new player in the Layer 1 landscape.
Binance to delist PONKE, QUICK, and SWELL contracts
While the Monad community buzzed with optimism, Binance Futures rattled the altcoin space with a crucial announcement.
The team took it to X to confirm removing perpetual contracts of PONKE, QUICK, and SWELL on Friday, November 28, adding:
“The contracts will be delisted after the settlement is complete.
As anticipated, the mentioned tokens turned bearish after the announcement.
The trio plunged by over 5% in the past day.
While they are displaying resilience, possibly due to prevailing improved broader sentiments, the next few sessions, until November 28, look poised for overwhelming volatility.
The team warned about intensified fluctuations, thinned liquidity, and increased liquidation risks during the final hour before the last settlement. They said:
Meanwhile, Binance has urged users with active positions to close them before the listing time, Friday at 09:00 UTC, or face automatic settlement.
Moreover, individuals will no longer open new positions on the three contracts starting November 28 at 08:30 UTC.
The post Altcoins today: Monad rallies 60%; PONKE and QUICK plunge on Binance delisting appeared first on CoinJournal.
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