The Breakdown Why Coinbase’s First ICO Fell Flat
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Nov 19, 2025 The long-anticipated ICO debut on Coinbase fell short, leading to debates on demand for new tokens and retail interest. Critiques span from market timing to tokenomics, raising concerns over high VC allocations. Meanwhile, MicroStrategy made headlines with a massive Bitcoin buy but faces challenges with its preferred stock. CBOE's launch of regulated perpetual contracts could reshape TradFi adoption, while recent Bitcoin price action adds to market uncertainty. Analysts are divided on the implications, questioning if the downturn is temporary or indicative of deeper issues.
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ICO Debut Underwhelms On Coinbase
- Coinbase's first US-compliant ICO for MONAD raised about $100M but underperformed against expectations.
- The tepid demand signals waning retail enthusiasm and a fading Layer-1 infrastructure premium.
Tokenomics And Geography Matter
- MegaEth's recent $1.4B pledge contrasted sharply with MONAD's slow uptake, showing demand varies by structure and geography.
- Tokenomics and large VC allocations likely depressed retail interest in MONAD's sale.
Broaden Access And Time Sales Strategically
- Keep token sales open strategically to avoid first-day rushes if you want broader, measured participation.
- Also consider including Europe and other regions to expand buyer demand and exit liquidity.