One of many greatest gainers within the cryptocurrency market as we speak is the Mantra (OM) token. At the moment, the altcoin tops Binance’s achieve checklist, with a single-day achieve of practically 100%. Nonetheless, little is thought concerning the cryptocurrency, which hit new highs in 2024.
What are the makes use of of OM tokens?
The OM token is the native token related to the Mantra chain, a layer 1 blockchain launched in October 2020. The coin would hit all-time highs in 2021, solely to drop greater than 90% in a bear market that adopted.
Nonetheless, over the previous few months, the coin has regained its footing and began to rally once more. Blockchain was developed to assist tokenize real-world belongings, and it has come to the forefront with the rise of RWA.
The coin has gained greater than 1,700% up to now 4 months to succeed in over $0.3 and is simply 60% beneath its 2021 all-time excessive. Its buying and selling quantity has additionally elevated considerably, rising by greater than 300% up to now 24 hours alone.
Why is Mantra Token Hovering?
As with every main rally, there’s a motive the Mantra chain’s native token has surged over the previous few days, and it has to do with staking. Staking has develop into an essential a part of cryptocurrency investing, serving to traders maximize returns on their holdings reasonably than leaving them sitting on the sidelines. Within the case of Mantra, traders weren’t capable of stake till not too long ago.
Mantra was introduced this month and has been warmly welcomed by the neighborhood. Over 17% of the token provide has been staked thus far, demonstrating the neighborhood’s dedication. Moreover, its whole worth locked (TVL) has been rising over the previous 4 months, surging from $13 million in October 2023 to over $48 million in February 2024, a rise of greater than 300%.
OM’s final day’s worth motion was additionally spectacular after rising from a day by day low of $0.23 to a excessive of over $0.34. With a single-day improve of greater than 80%, it turned Binance’s greatest gainer.
The altcoin’s worth has since slowed down and is at present buying and selling at $0.3 on the time of writing. Nonetheless, its day by day positive aspects are nonetheless vital, persevering with to steer the Binance gainer checklist with a achieve of 68%.
OM worth rises virtually 100% in sooner or later | Supply: OMUSDT on Tradingview.com
Featured photographs from CoinGecko, charts from Tradingview.com
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