MonaCoin calls itself "the first Japanese cryptocurrency." The token was initially launched in January 2014 as a fork of Litecoin, but it did not get traction until it was recently revived by a group of developers. MonaCoin uses the same Lyra2REv2 consensus mechanism employed by Vertcoin. As with many other forks of Bitcoin, MonaCoin was one of the first tokens to activate SegWit, a technology developed by Bitcoin Core that increases transaction throughput. MonaCoin’s block reward is 25 MONA and block creation time averages 1.5 minutes. In October 2017, the MONA/BTC pair was listed on BitFlyer, a Japanese cryptocurrency exchange, which led to a massive increase in prices (400%+). Despite the increase in network value, most blocks in the MonaCoin blockchain consist of a single transaction (i.e. the block reward).