In the fast-paced world of crypto, few things capture attention like a high-profile investor's rapid change of heart. That's exactly what happened with Arthur Hayes, the co-founder of BitMEX, and his brief fling with $MON, the native token of the newly launched Layer 1 blockchain Monad.

Just two days before calling for $MON to be sent "to ZERO," Hayes was all in. In a post on X (formerly Twitter), he wrote: "Just what this bull market needs another low float, high FDV useless L1. But obvi I aped. It's a bull market bitches! $MON to $10." For those new to the lingo, "low float" refers to a token with a small circulating supply, which can lead to wild price swings. "High FDV" means high fully diluted valuation—the total value if all tokens were in circulation. "Aped" is slang for jumping in impulsively, often without deep research. And L1? That's short for Layer 1, the base blockchain layer like Ethereum or Solana.

Monad, aiming to be a high-performance Ethereum-compatible L1, had just gone live with its mainnet and airdropped tokens worth around $105 million. The hype was real, with $MON surging from its public sale price of $0.025 to about $0.045 shortly after launch. Hayes' bullish call seemed to align with the bull market frenzy, where even "useless" projects can moon on sheer momentum.

But the party didn't last. Within 48 hours, Hayes flipped the script. "I'm out. Send this dogshit to ZERO!" he posted, complete with a string of crying emojis. The price chart tells the tale: a quick pump followed by a sharp dump, leaving retail investors holding the bag. This kind of volatility is par for the course in altcoin launches, especially those with meme-like elements—low initial supply driving FOMO (fear of missing out), only for whales like Hayes to exit at the top.

Why the quick turnaround? Critics, including Hayes himself initially, pointed to Monad's setup as another overhyped L1 in a crowded field. Despite promises of faster transactions and better scalability, the tokenomics screamed speculation over substance. As CCN reported, the post-launch surge might have been a local top, with prices cooling amid broader market jitters.

For meme token enthusiasts, this saga highlights how even "serious" projects can behave like memes. $MON's rapid rise and fall echoes the pump-and-dump cycles of dog-themed coins or viral narratives. It's a reminder: in bull markets, hype can override fundamentals, but gravity hits hard. If you're eyeing similar launches, tools like DexScreener or CoinMarketCap can help track real-time data.

Hayes' move also sparked community backlash. Replies to the Lookonchain post, which spotlighted his flip, ranged from "This is why you never follow blindly" to calls labeling him a "cockroach." It's a classic crypto lesson—celebrity endorsements are entertaining, but DYOR (do your own research) is key.

As Monad pushes forward with network growth, $MON's future remains uncertain. Will it recover and prove the doubters wrong, or fade into the sea of forgotten altcoins? Only time will tell, but stories like this keep the meme token space alive with drama and opportunity. Stay tuned to Meme Insider for more breakdowns on the wildest crypto moments.