Arthur Hayes, one of the leading figures in the cryptocurrency market and co-founder of the BitMEX exchange, made striking statements about the recently talked-about project Monad in a broadcast on the popular YouTube channel Altcoin Daily.
Targeting Monad, which claims to be the “next Ethereum killer,” Hayes highlighted the project’s “high fully diluted valuation (FDV) and low float” structure. According to Hayes, this structure is specifically designed for the project’s founders and venture capitalists (VCs) to dump their tokens on individual investors.
Stating that Monad cannot compete with existing market giants, Hayes stated that the project has no chance against Ethereum and cannot even compete with Solana.
The famous name admitted to having a small amount of Monad allocation in his portfolio, but argued that he still has a “99% decline expectation” for the project.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitmex-founder-arthur-hayes-attacks-an-altcoin-i-expect-a-99-decline/