Mantra, one of the best-performing altcoins, surged to a new all-time high on Saturday as investors cheered a new centralized exchange listing.
Mantra (OM) price jumped to a record high of $8.20, bringing the year-to-date gains to over 100%. It has jumped by over 2,600% in the last 12 months, giving it a market cap of over $7.6 billion, making it the 22nd biggest altcoin in crypto.
Mantra token jumped after being integrated in Bybit, one of the biggest CEX exchanges in crypto. As part of the listing, users will compete for a 120,000 OM prize pool currently valued at over $912,000.
Mantra’s volume on Bybit jumped instantly after the listing. Data compiled by CoinMarketCap shows that the 24-hour volume of Mantra token on Bybit jumped to $36 million. Its combined volume across CEX and DEX exchanges rose by 267% to $755 million.
Mantra price has also jumped ahead of an upcoming aidrop that seeks to reward genuine holders of the OM token. The developers will distribute 50 million OM tokens currently valued at over $375 million.
Mantra’s token surge comes as the ongoing demand for real-world asset (RWA) tokenization grows. Some big prominent firms like Blackrock, Apollo Global Management, and Franklin Templeton have already launched their tokenized products.
Similarly, Ondo Finance has launched a network to facilitate the tokenization of American stocks. Such a product has a high potential as it will give global investors access to U.S. equities, and possibly bonds, that are currently unavailable to them.
Mantra also recently entered a deal to tokenize a $1 billion real estate portfolio for DAMAC, a giant Dubai company. A successful launch of that project will likely lead to more demand for its solutions from other real estate companies.
Mantra price analysis
The daily chart shows that the OM price has done well this year. It is currently trading at its all-time high. It recently flipped the crucial resistance level at $6.4637, its previous resistance level.
The coin has also remained above all moving averages, while the Average Directional Index (ADX) has moved to 45, a sign that it has a strong momentum.
Therefore, the Mantra price may soar as bulls target the next psychological level at $10. This rally will also happen as retail investors embrace the fear of missing out or FOMO.
More about Mantra
Mantra, founded by CEO John Patrick Mullin, focuses on the tokenization of RWAs such as real estate, bonds, commodities, and precious metals.
The multi-chain ecosystem was built using the Cosmos SDK and offers a Layer 1 blockchain that enables developers to create decentralized applications (dApps).
The ecosystem offers services like staking, lending, and borrowing.
The native token, OM, serves multiple purposes within the Mantra ecosystem, including staking, governance, and facilitating transactions. Users can stake OM tokens to earn rewards, participate in governance decisions, and access DeFi services.
Karma Protocol
Mantra’s Karma Protocol is a user ranking system that grades participants based on their actions within the ecosystem.
Positive behaviors, such as timely loan repayments, increase a user’s karma score, leading to benefits like higher staking rewards and reduced fees.
For more insights from Mullin, you can watch the following interview from this year’s Tokyo FinTech Festival:
