$MON, the native token of Monad EVM blockchain, MON Protocol, has experienced a wider collapse. As a result of this crash, $MON is experiencing significant liquidations on HyperLiquid, while the whale portfolios are also crashing. As per the data from Onchain Lens, a well-known on-chain data and analytics provider, the $MON crash and wide-scale whale liquidations are raising concerns among the community members.
$MON Price Crash Results in Whale Liquidations on HyperLiquid and Wipeout of Millions
In line with the son-chain statistics, the price collapse of $MON and the substantial whale liquidations have sent shockwaves throughout the market. Particularly, the whale “0xccb,” witnessed complete liquidation for up to $1.9M after netting more than $2M in gains. In the meantime, another whale, “0x549” also went through a liquidation of up to $1.33. As a result of this, the cumulative drawdown hit a brutal $4.17M.
Apart from that, the data points out that the “HyperTracker” interface of HyperLiquid discloses the notable carnage. In this respect, the whale “0x549” had a total $3,081,578.65 in its wallet balance ahead of liquidation. At that time, it had a considerably bullish position with 1.83x leverage and a margin usage of almost 54.74%. Irrespective of the apparently conservative leverage, the sheer plunge in the price of $MON wiped out the whale’s position. This resulted in a cumulative PnL of up to -$4,170,045.17.
Crypto Market to Face Potential Liquidity Shock Due to $MON’s Volatility
According to Onchain Lens, the whale “0xccb” underwent a steep drop and liquidation. Additionally, the absence of margin and active positions indicates that the whale has closed the account or reset it after the loss. Keeping in view these large-scale $MON whale liquidations on HyperLiquid highlights signify a likely big impact on the wider market liquidity.