Mantra Coin Maintains Price Stability Amid Increasing Staking Rewards
The price of the Mantra token experienced a modest increase on Friday as its staking rewards approached an all-time high, while traders geared up for the impending altcoin rally.
The Mantra (OM) token was priced at $1.20, reflecting an 8% rise from its weekly low and a staggering 1,700% increase compared to its year-to-date low. This surge has been fueled by investor optimism surrounding the tokenization of Real World Assets (RWA), which is anticipated to be a significant trend in the blockchain sector. Mantra has emerged as a leading player in the infrastructure needed for RWA.
In recent months, Mantra has celebrated some notable achievements. For instance, the developers secured a partnership with a prominent real estate firm based in Dubai to tokenize select projects.
The OM token’s performance has also been bolstered by the newly introduced Genesis Drop, which is set to distribute 50 million tokens to eligible users. Those qualifying for this initiative include Mantra’s NFT holders, early contributors to the ecosystem, and engaged members of the community.
Additionally, Mantra’s appeal has grown due to its above-average staking rewards. Data from StakingRewards indicates that nearly 50% of all circulating OM tokens have been staked, alongside a noticeable increase in the number of Mantra wallets.
Recent trends show that Mantra’s staking reward has surged to a record high of 21.21%. Under stable conditions, an investment of $100,000 in OM could yield $21,200 annually. This makes Mantra’s staking reward the highest among leading cryptocurrencies. In comparison, Toncoin (TON) offers a modest yield of 2.56% with a staking ratio of 25.23%, while Tron (TRX) provides a yield of 4.15%, and Avalanche offers 7.95%.
Unlike many other cryptocurrencies, Mantra is not expected to face significant dilution, as its current circulating supply of 837.5 million tokens is approaching its maximum supply of 888 million tokens.
Meanwhile, some analysts suggest that the cryptocurrency market may be on the verge of another altcoin breakout in the coming months. In a recent X post, Ki Young Ju, founder of CryptoQuant, highlighted an uptick in limit order volume for altcoins, excluding Bitcoin (BTC) and Ethereum (ETH).
A potential driver for both cryptocurrencies and stocks could be the Federal Reserve, which is poised to initiate interest rate cuts in September. The likelihood of these cuts increased following the release of disappointing job statistics, with the unemployment rate climbing to 4.3%, its highest level since 2021.
