Monad’s MON Token Jumps 40% After Mainnet Debut

Plus: 💸 Pump.fun cashes out $436M, 🐶 Grayscale launches DOGE ETF, 🐻 Berachain docs reveal Brevan Howard’s unusual refund clause.

Author

Juan Aranovich
November 25, 2025

Hi! In today’s edition:

  • 🚀 Monad’s MON token jumps 40 percent on mainnet launch

  • 💸 Pump.fun moves $436M to Kraken amid falling revenue

  • 🐶 Grayscale rolls out first U.S. spot DOGE ETF

  • 🐻 Berachain docs reveal Brevan Howard’s $25M refund clause

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By Tikta

MON Rallies 40% After Mainnet Launch

Monad launched its layer 1 blockchain mainnet on Monday, which sparked a 40% rally in its native MON token despite an initial dip from its sale price of $0.02.

A list of high profile applications across the crypto ecosystem have already been deployed on the Monad mainnet, including Uniswap, Curve Finance, MetaMask, Stargate Finance and Wormhole.

The mainnet launch was accompanied by MON’s token being listed on several major exchanges, including Coinbase, Kraken and Gemini, but notably not Binance.

Earlier this week, Monad’s week-long token sale on Coinbase concluded with 86,000 participants and $269 million in commitments. 

Those early token buyers faced an anti-flip rule discouraging immediate selling, which potentially helped stabilize price movements.

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Pump.fun Cashed Out $436M Since Mid-October: Lookonchain

Popular memecoin launchpad Pump.fun moved roughly 436.5 million USDC to Kraken since Oct. 15, according to onchain tracking by Lookonchain.

Sizable deposits into crypto exchanges are widely interpreted as a “cash out” or withdrawal of funds from the platform’s treasury or related wallets.

Lookonchain’s analysis also suggests that between May 2024 and August 2025, Pump.fun sold at least $757 million worth of SOL.

The moves come as Pump.fun’s trading activity and revenue have declined from prior peaks, increasing community concern about potential selling pressure or de‑risking by the team.

At the height of memecoin mania, Pump.fun’s monthly revenue was $137 million in January. Last month, the platform’s monthly revenue stood at a much lower $39.22 million.

Grayscale Launches First Spot DOGE ETF 

Grayscale Investments has launched the first spot Dogecoin exchange-traded fund (ETF) in the U.S., trading on the NYSE Arca under the ticker GDOG.

The fund will charge a 0.35% management fee, which has been waived until the ETF's assets reach $1 billion or for the first three months of trading, whichever comes first.

Bloomberg ETF analyst Erich Balchunas estimates that day-one trading volume for GDOG will sit at around $12 million. 

“They only gonna have two days with the market to themselves as BWOW from Bitwise is scheduled to launch Wednesday,” said Balchunas, referring to Bitwise’s spot DOGE ETF that is also set to begin trading this week.

Berachain Documents Show Brevan Howard Fund Offered $25 Million Refund Right

By Jack Kubinec

In late 2024, thousands of partygoers descended on a Singapore nightclub to attend a party co-hosted by an unlaunched, bear-themed blockchain named Berachain. The line for the event snaked through a Singapore mall and out of the frame of one incredulous onlooker.

By then Berachain had grown from a 2021 NFT project depicting pot-smoking bears to one of crypto’s buzziest new blockchains. The startup raised at least $142 million in venture capital, and its token valuation reached $1.5 billion in its last funding round, which was co-led by Framework Ventures and Nova Digital — a fund within $34 billion hedge fund Brevan Howard’s crypto arm.

Anchoring the raise was the brand of one of the most famous investment shops in the world, which bestowed credibility on Berachain. One ex-employee, who declined to be named, recalled Berachain’s anonymous co-founder Papa Bear once noting that Brevan could serve to legitimize the project.

But buried in the deal terms was a highly unusual clause that could reshape the entire story — what exactly did Brevan secure?

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  • 📈 Galaxy Digital’s Mike Novogratz said the firm has begun testing small-scale market-making on prediction platforms Polymarket and Kalshi and was preparing to provide deeper liquidity, joining a trend as major trading firms quietly move into the booming prediction-market space.

  • 📝 The SEC told Fuse it would not pursue enforcement if the company issues its Solana-based ENERGY rewards token under the conditions it described, marking a rare instance of regulators explicitly treating a token as a rebate-style incentive rather than an investment product.

  • ⚠️ The European Central Bank warned that the rapid rise of stablecoins — now holding more than $280 billion and heavily invested in U.S. Treasuries — could drain deposits from eurozone banks and spark a dangerous sell-off of reserve assets if investors were to panic all at once.

  • 🇯🇵 At least six of Japan’s biggest asset managers signaled they may launch the country’s first crypto investment trusts as regulators prepare major rule changes that would treat digital assets more like traditional financial products and lower taxes on crypto gains.

  • 🐋 BitMine said it bought nearly 70,000 ETH last week, lifting its stash to 3% of all ether ever issued — worth about $10.2 billion after a sharp market drop — while arguing the token is nearing a price floor and touting dividends, cash reserves, and backing from major tech investors.

  • 📱 Naver Financial is preparing to launch a wallet for Busan’s “Dongbaek-jeon” stablecoin next month, aiming to modernize the city’s popular local-currency program and eventually link it with Naver’s broader crypto services as the firm advances toward a merger with Upbit-owner Dunamu.

  • 💳 Exodus announced a $175 million deal to buy payments company W3C—owner of Baanx and Monavate—so it can issue Visa, Mastercard and Discover-powered crypto cards directly, allowing the wallet provider to control the full payments stack and build steadier revenue tied to everyday digital-dollar spending.

  • 📊 Private-equity giant Bridgepoint agreed to purchase a majority stake in ht.digital—a fast-growing audit and proof-of-reserves firm born out of accounting shop Harris & Trotter—for roughly $262 million, betting on rising global demand for independent transparency checks across the crypto industry.