Reasons Behind Mantra’s Recent Achievement of a New All-Time High in the Altcoin Market
Mantra, one of the best-performing altcoins, surged to a new all-time high on Saturday as investors cheered a new centralized exchange listing.
Mantra (OM) price jumped to a record high of $8.20, bringing the year-to-date gains to over 100%. It has increased by over 2,600% in the last 12 months, giving it a market cap of over $7.6 billion, making it the 22nd largest altcoin in cryptocurrency.
The Mantra token surged after being integrated into Bybit, one of the largest centralized exchanges (CEX) in the crypto space. As part of the listing, users will compete for a 120,000 OM prize pool currently valued at over $912,000.
Mantra’s trading volume on Bybit rose sharply following the listing. Data compiled by CoinMarketCap shows that the 24-hour volume of the Mantra token on Bybit increased to $36 million. Its combined volume across CEX and decentralized exchanges (DEX) rose by 267% to $755 million.
The price of Mantra has also surged ahead of an upcoming airdrop intended to reward genuine holders of the OM token. The developers will distribute 50 million OM tokens currently valued at over $375 million.
The rise in Mantra’s token price comes as the ongoing demand for real-world asset (RWA) tokenization grows. Prominent firms such as Blackrock, Apollo Global Management, and Franklin Templeton have already launched their tokenized products.
Similarly, Ondo Finance has launched a network to facilitate the tokenization of American stocks. Such a product has high potential as it will provide global investors access to U.S. equities, and possibly bonds, that are currently unavailable to them.
Mantra also recently entered into an agreement to tokenize a $1 billion real estate portfolio for DAMAC, a major company based in Dubai. A successful launch of that project is likely to lead to increased demand for its solutions from other real estate companies.
Mantra price analysis
The daily chart indicates that the OM price has performed well this year. It is currently trading at its all-time high. It recently surpassed the critical resistance level at $6.4637, which was its previous resistance level.
The coin has also remained above all moving averages, while the Average Directional Index (ADX) has moved to 45, indicating strong momentum.
Therefore, the price of Mantra may soar as bulls target the next psychological level at $10. This rally will likely occur as retail investors experience the fear of missing out (FOMO).
More about Mantra
Mantra, founded by CEO John Patrick Mullin, focuses on the tokenization of RWAs such as real estate, bonds, commodities, and precious metals.
The multi-chain ecosystem was built using the Cosmos SDK and offers a Layer 1 blockchain that enables developers to create decentralized applications (dApps).
The ecosystem provides services like staking, lending, and borrowing.
The native token, OM, serves multiple purposes within the Mantra ecosystem, including staking, governance, and facilitating transactions. Users can stake OM tokens to earn rewards, participate in governance decisions, and access DeFi services.
Karma Protocol
Mantra’s Karma Protocol is a user ranking system that grades participants based on their actions within the ecosystem.
Positive behaviors, such as timely loan repayments, increase a user’s karma score, leading to benefits like higher staking rewards and reduced fees.
For more insights from Mullin, you can watch the following interview from this year’s Tokyo FinTech Festival:
