The price of MON token plummeted by 47%, falling from $0.049 to $0.0279, resulting in a significant loss for a major trader. The trader, who held a long position worth 244.38 million MON, faced a $1.9 million loss as their account was fully liquidated, leaving a zero balance. The sell-off was exacerbated by a public debate between Arthur Hayes of BitMEX and Monad founder Keone Hon. Hayes predicted a 99% price drop, while Hon defended the project, citing 2% annual inflation and staking restrictions. The price decline led to cascading liquidations, highlighting concerns over leverage risks in the market.