Manta experiences a 30% surge within a span of 24 hours
Manta Network’s native token experienced a significant surge in price, reaching a new all-time high on January 24th. Just a week after an airdrop for early supporters, the token was trading at nearly $3. According to CoinMarketCap, Manta (MANTA) saw double-digit gains and was priced at around $2.89 at the time of writing. In the span of 24 hours, the token increased by 30%, and its trading volume exceeded $500 million across various platforms, including Binance.
This surge in price propelled Manta’s market capitalization, earning it a place among the top 100 cryptocurrencies in the market. Since its launch in January, the protocol’s total value locked (TVL) has experienced significant growth. According to DefiLlama, Manta’s TVL across all blockchains is worth over $430 million. This achievement places Manta as one of the top 10 decentralized protocols, trailing behind Coinbase’s layer-2 network Base, Avalanche L1, and Polygon, an Ethereum scaling solution.
Manta’s initial success can be attributed to its token launch on the Binance Launchpad, where it became the 44th cryptocurrency available on the platform. Similar protocols like Xai, which also launched in this manner, have witnessed increasing price movements in the days following their rollout.
Manta differentiates itself by utilizing Celestia’s modular data availability solution and Polygon’s developer stack. This combination allows Manta to offer users a multi-modular blockchain that supports two popular crypto technologies: zero-knowledge (zk) and Ethereum Virtual Machine (EVM) compatibility. Manta achieves this through its two platforms, Manta Atlantic and Manta Pacific. These platforms are marketed as a Polkadot-based zk L1 network and a layer-2 blockchain with EVM support, respectively.
Early testers and supporters of Manta were generously rewarded with an airdrop, a common practice among emerging crypto protocols to attract users and participants in decentralized finance. Airdrop recipients reportedly received substantial amounts of free MANTA tokens after minimal farming on the network.
However, shortly after the airdrop, Manta’s network faced a sophisticated cyber attack in the form of a DDoS attack. Despite the assault, the protocol swiftly addressed the issue and restored operations to normalcy.
Overall, Manta Network’s recent achievements and resilience in the face of cyber attacks have positioned it as a promising player in the cryptocurrency market.
