Mantra (OM) Token Surges Almost 100% in a Single Day
The Mantra (OM) token has emerged as one of the top gainers in the crypto market, experiencing a nearly 100% increase in value within a day. Despite its significant growth, not much is known about this cryptocurrency, which has been consistently reaching new highs in 2024.
The Purpose of OM Token
OM token serves as the native token for the Mantra Chain, a Layer 1 blockchain launched in October 2020. Although it reached an all-time high in 2021, it experienced a decline of more than 90% during the subsequent bear market.
However, in recent months, the token has regained momentum and started rallying once again. The Mantra Chain focuses on facilitating the tokenization of real-world assets and has gained prominence due to the growing narrative surrounding Real World Assets (RWA).
Rapid Growth and Increased Trading Volume
Over the past four months, OM token has surged by over 1700%, surpassing $0.3 and inching closer to its previous all-time high. Its trading volume has also witnessed a significant spike, increasing by more than 300% within just 24 hours.
The Role of Staking in Mantra’s Rise
The recent surge in the Mantra token can be attributed to the introduction of staking on its chain. Staking has become increasingly popular among crypto investors as it allows them to maximize returns on their holdings.
Mantra recently enabled staking on its platform, which has been warmly received by the community. More than 17% of the total token supply has already been staked, indicating strong commitment from its users. Additionally, the total value locked (TVL) has surged from $13 million in October 2023 to over $48 million in February 2024, marking a growth of more than 300%.
Impressive Price Movement and Current Status
OM’s price experienced a remarkable increase in a single day, rising from $0.23 to over $0.34, representing an 80% growth. Although it has since slowed down and is currently trading at $0.3, it continues to be the top gainer on Binance with 68% gains.
Hot Take: Mantra Token Emerges as a Strong Performer
The Mantra (OM) token has quickly gained attention with its impressive surge in value. With staking becoming increasingly popular, the recent introduction of staking on the Mantra Chain has contributed to its soaring growth. As the tokenization of real-world assets gains traction, Mantra’s blockchain platform has come to the forefront, attracting investors and driving up its trading volume. The strong commitment shown by its community through staking and increased total value locked further reinforces its potential. While OM’s price has slightly dipped from its peak, it remains a top gainer on Binance, indicating sustained momentum and investor interest.
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