A sharp decline in the price of Monad ($MON) has led to significant liquidations across the market, with on-chain data highlighting substantial losses for large traders on the HyperLiquid platform. Lookonchain reported that a single trader, identified as "0xccb5", lost approximately $1.9 million after a long position was wiped out, reportedly erasing all previous profits made on the token. This volatility has prompted cautionary remarks from traders expecting potentially further downside. Simultaneously, the community has raised questions regarding ecosystem effectiveness despite heavy hackathon spending, fueled by the bearish sentiment surrounding the price action. [Update 1] Further on-chain analysis reveals the extent of the damage to large holders. In addition to the $1.9 million loss by whale "0xccb", another entity, whale "0x549", suffered liquidations contributing to a total loss of approximately $4.17 million. These events underscore the severe volatility affecting $MON traders on platforms like HyperLiquid.