What's Driving Token Prices? November 26 2025

ADA (-1.5%) - On Friday, the alternative Layer-1 Cardano network experienced a blockchain split, also known as a fork. A hard fork typically occurs when nodes or validators processing blocks on a blockchain network cannot agree on the network's state, leading to the emergence of two versions of the chain. The fork was attributed to a pseudonymous developer who used an AI chatbot to generate code that unintentionally split the chain. The developer admitted to the incident on X, stating it was an accident while testing an exploit (later it was discovered the exploit had been in Cardano’s code base since 2022). Charles Hoskinson, Cardano’s founder, was not pleased and accused the developer of acting maliciously. Hoskinson also mentioned that he reported the developer to law enforcement regarding the incident. Although the chain fork has since been patched, it remains unclear whether it was an accident caused by the developer “testing in production” or a premeditated act.
MON (+84%) - On Monday, the highly anticipated layer-1 blockchain, Monad, launched its token generation event (TGE). Monad is an EVM-compatible chain, meaning it can interact with and operate alongside other chains that use the Ethereum Virtual Machine for smart contract execution; it also promises to deliver far faster speeds than existing solutions. The project has secured significant funding, including $244 million from early-stage investors and $187.5 million from a recent oversubscribed Coinbase sale. Despite this strong backing, the token dropped to a valuation of $2.5 billion, matching the valuation at the time of the Coinbase sale, immediately after its launch, but has since recovered and is trading at a $4.6B valuation, up 84% for the week.
TNSR (+87%) - Last week, Coinbase announced its acquisition of Vector.fun, a trading app built on the Solana blockchain, for an undisclosed amount. Following the acquisition, Coinbase stated that the trading desktop and web app would be discontinued, and the Vector team would be integrated into Coinbase’s consumer division. Vector.fun was developed by Tensor Labs, the company behind the NFT marketplace Tensor (TNSR). In the days leading up to the acquisition announcement, the TNSR token experienced a significant increase, rising approximately ninefold. This surge indicated that some investors may have anticipated the acquisition and believed that TNSR would be part of the deal. However, Coinbase later clarified that the acquisition did not include the Tensor Foundation, the TNSR token, or the marketplace. Despite this confirmation, concerns have emerged within the token community about whether TNSR holders will benefit from the acquisition or from the products developed by the same team. Additionally, it remains unclear who will manage the Tensor Foundation now that the entire team is being integrated into Coinbase. Although progress has been made in enhancing tokenholder rights, there are still instances where investors are not as well-protected as equity investors.

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