Altcoins
What is Mantra (OM) and why did the price increase by almost 100% in one day?
One of the best winners of the crypto market today is the Mantra (OM) token. The altcoin, which currently tops Binance’s top gainers list, is up almost 100% in a single day. However, not much is known about this cryptocurrency, which is hitting highs after highs in 2024.
What is the OM token used for?
The OM token is the native token associated with the Mantra Chain, a layer 1 blockchain that launched in October 2020. The token will reach a new all-time high in 2021, but fell by over 90% during the decline. market that followed.
However, over the past few months, the token has regained its footing and has started to rally again. Blockchain, developed to facilitate the tokenization of real-world assets, has come to the forefront as the RWA narrative has taken off.
Over the past four months, the token has risen over 1,700% to over $0.3, bringing it just 60% off its 2021 all-time highs. There has also been a notable increase in its trading volume, which increased by more than 300% in the last 24 hours alone.
Why is Mantra Token Skyrocketing?
As with any significant rally, there is a reason why the Mantra Chain’s native token has been soaring in recent days, and it has to do with staking. Staking has become an important part of crypto investing, helping investors maximize the returns on their holdings instead of leaving them sitting around and doing nothing. In the case of Mantra, staking was only recently available to investors.
Mantra announced a stake on its channel this month and received a warm reception from the community. So far, over 17% of the total token supply has been staked, showing the commitment of its community. Moreover, it is total value locked (TVL) has grown over the past four months, increasing by over 300%, from $13 million in October 2023 to over $48 million in February 2024.
OM’s price action over the past day has also been nothing short of impressive after rising from its daily low of $0.23 to over $0.34 at its peak. This represents growth of over 80% in a single day, making it the top gainer on Binance.
The price of 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 top the list of top market gainers. 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