Monad's public token sale on Coinbase raised $43 million within the first 23 minutes, but interest has since cooled, with only 48% of the offering sold as of the latest update. The sale, which aims to raise $187 million USDC, is structured on a fixed-time basis and will continue until Saturday. Concerns over Monad's valuation, with a fully diluted valuation (FDV) of $2.5 billion, and the allocation of 50% of tokens to the team and venture capitalists have contributed to a cautious approach from retail investors. Over $100 million worth of tokens remain available for subscription.