What Is Mantra (OM) And Why Is The Price Up Almost 100% In One Day?

One of many high gainers within the crypto market today is the Mantra (OM) token. The altcoin, which is at the moment main the cost on the Binance record of high gainers, is up nearly 100% in a single day. Nevertheless, not a lot is understood about this cryptocurrency, which is reaching highs after highs in 2024.

What Is OM Token Used For?

The OM token is the native token related to the Mantra Chain, a Layer 1 blockchain that was launched in October 2020. The token would go on to succeed in a brand new all-time excessive again in 2021, however fell greater than 90% within the bear market that adopted.

Nevertheless, in the previous couple of months, the token has regained its footing and has begun to rally as soon as extra. The blockchain, which is developed to help within the tokenization of real-world property, has moved to the forefront because the RWA narrative has taken flight.

Within the final 4 months, the token has risen by greater than 1700% to succeed in above $0.3, bringing it only a 60% transfer shy from its 2021 all-time highs. There has additionally been a notable enhance in its buying and selling quantity, which has risen greater than 300% within the final 24 hours alone.

Why Is The Mantra Token Hovering?

Like with any vital rally, there’s a motive why the native token of the Mantra Chain has been hovering over the previous couple of days, and it has to do with staking. Staking has turn out to be a distinguished a part of crypto investing, serving to buyers maximize returns on their holdings as an alternative of leaving them to take a seat and do nothing. Within the case of Mantra, staking was not accessible to buyers till just lately.

Mantra introduced staking on its chain this month and has obtained a heat welcome from the group. Thus far, greater than 17% of the full token provide has been staked, displaying dedication from its group. Moreover, its total value locked (TVL) has been on the rise within the final 4 months, surging greater than 300% from $13 million in October 2023 to over $48 million in February 2024.

OM’s worth motion within the final day has additionally been nothing wanting spectacular after rising from its day by day lows of $0.23 to over $0.34 at its peak. This accounted for an over 80% progress in a single day, making it the highest gainer on Binance.

The value of the altcoin has since slowed down and is now buying and selling at $0.3 on the time of writing. Nevertheless, its day by day positive aspects stay vital because it continues to guide the record of high gainers on Binance with 68% positive aspects.

OM worth rises nearly 100% in at some point | Supply: OMUSDT on Tradingview.com

Featured picture from CoinGecko, chart from Tradingview.com

Disclaimer: The article is offered for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site solely at your personal danger.