What Is Mantra (OM) And Why Is The Price Up Almost 100% In One Day?
09 Fevereiro 2024 - 10:00AM
NEWSBTC
One of the top gainers in the crypto market today is the Mantra
(OM) token. The altcoin, which is currently leading the charge on
the Binance list of top gainers, is up almost 100% in a single day.
However, not much is known about this cryptocurrency, which is
reaching highs after highs in 2024. What Is OM Token Used For? The
OM token is the native token associated with the Mantra Chain, a
Layer 1 blockchain that was launched in October 2020. The token
would go on to reach a new all-time high back in 2021, but fell
more than 90% in the bear market that followed. Related Reading:
Bitcoin Price Jumps Above $44,000, Here Are The Factors Driving It
However, in the last few months, the token has regained its footing
and has begun to rally once more. The blockchain, which is
developed to aid in the tokenization of real-world assets, has
moved to the forefront as the RWA narrative has taken flight. In
the last four months, the token has risen by more than 1700% to
reach above $0.3, bringing it just a 60% move shy from its 2021
all-time highs. There has also been a notable increase in its
trading volume, which has risen more than 300% in the last 24 hours
alone. Why Is The Mantra Token Soaring? Like with any significant
rally, there is a reason why the native token of the Mantra Chain
has been soaring over the last few days, and it has to do with
staking. Staking has become a prominent part of crypto investing,
helping investors maximize returns on their holdings instead of
leaving them to sit and do nothing. In the case of Mantra, staking
was not available to investors until recently. Related Reading:
Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is
Dead, Here’s Why Mantra announced staking on its chain this month
and has received a warm welcome from the community. So far, more
than 17% of the total token supply has been staked, showing
commitment from its community. Additionally, its total value locked
(TVL) has been on the rise in the last four months, surging more
than 300% from $13 million in October 2023 to over $48 million in
February 2024. OM’s price movement in the last day has also been
nothing short of impressive after rising from its daily lows of
$0.23 to over $0.34 at its peak. This accounted for an over 80%
growth in a single day, making it the top gainer on Binance. The
price of the altcoin has since slowed down and is now trading at
$0.3 at the time of writing. However, its daily gains remain
significant as it continues to lead the list of top gainers on
Binance with 68% gains. OM price rises almost 100% in one day |
Source: OMUSDT on Tradingview.com Featured image from CoinGecko,
chart from Tradingview.com
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