In the wild ride that is meme token trading, even the big fish can get hooked on a bad bet. A recent spotlight from on-chain sleuths at OnchainLens reveals a whale who's been holding onto a $MON perpetual long position since October 8, 2025, and it's not looking pretty.

This investor jumped in at an entry price of $0.1449 with a 1x leverage setup on what appears to be the Hyperliquid platform, based on the shared screenshots. Right now, they're staring down a floating loss of $704,000 – that's an unrealized PnL dipping to -346%. The current position value sits at $203,466.98, holding about 6,265,342 $MON tokens.

To make matters worse, between October 9 and November 11, the whale trimmed part of their holdings, crystallizing a $47,396 loss. It's a classic case of trying to cut losses but still riding out the storm on the remaining stake.

What's $MON All About?

For those new to the scene, $MON is a meme token buzzing on the Solana blockchain, riding the hype wave of the upcoming Monad layer-1 network. Monad aims to be a high-performance blockchain, promising faster transactions and better scalability – think Ethereum but supercharged. While $MON isn't officially tied to Monad, it's become a speculative play for traders betting on the mainnet launch, which is reportedly happening soon.

Current market data shows $MON trading around $0.0325, a sharp drop from that October entry point. This volatility is par for the course in meme coins, where sentiment can swing wildly based on social media buzz, launches, or even unrelated crypto events.

Lessons from the Whale's Woes

This tale underscores the high-stakes game of perpetual contracts in crypto. Perps let you bet on price movements without owning the asset, but with leverage (even at 1x), losses can pile up fast if the market turns. For meme tokens like $MON, influenced by community hype and blockchain developments, it's crucial to stay informed.

If you're dipping into meme trading, tools like Hyperbot for on-chain tracking can help spot these moves early. But remember, always DYOR – do your own research – and never risk more than you can afford to lose.

As Monad's mainnet approaches, keep an eye on $MON for potential rebounds. Who knows? This whale might still turn it around if the hype delivers.