Monacoin was launched on the major internet bulletin board, 2channel (now renamed 5channel) by an anonymous person under the moniker of Mr. Watanabe.

The beta version of Monacoin was released in December 2013. Full-scale operation started after the launch of the official version in January 2014. The name of Monacoin is derived from a popular character on 2channel called Mona.

Nowadays it has gained huge popularity as a crypto asset used in subcultures in Tokyo and Akihabara.