One of many prime gainers within the crypto market as we speak is the Mantra (OM) token. The altcoin, which is at the moment main the cost on the Binance record of prime gainers, is up virtually 100% in a single day. Nonetheless, not a lot is thought 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 achieve a brand new all-time excessive again in 2021, however fell greater than 90% within the bear market that adopted.
Nonetheless, 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 achieve above $0.3, bringing it only a 60% transfer shy from its 2021 all-time highs. There has additionally been a notable improve 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 important 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 into a distinguished a part of crypto investing, serving to traders maximize returns on their holdings as a substitute of leaving them to take a seat and do nothing. Within the case of Mantra, staking was not out there to traders till just lately.
Mantra introduced staking on its chain this month and has acquired a heat welcome from the neighborhood. Up to now, greater than 17% of the whole token provide has been staked, exhibiting dedication from its neighborhood. Moreover, its complete worth 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 value motion within the final day has additionally been nothing wanting spectacular after rising from its each day lows of $0.23 to over $0.34 at its peak. This accounted for an over 80% development in a single day, making it the highest gainer on Binance.
The worth of the altcoin has since slowed down and is now buying and selling at $0.3 on the time of writing. Nonetheless, its each day beneficial properties stay important because it continues to steer the record of prime gainers on Binance with 68% beneficial properties.
OM value rises virtually 100% in at some point | Supply: OMUSDT on Tradingview.com
Featured picture from CoinGecko, chart from Tradingview.com
Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize 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 individual analysis earlier than making any funding selections. Use info supplied on this web site fully at your individual danger.
