As a seasoned crypto investor who has weathered numerous market cycles and witnessed the birth of countless projects, I must admit that Mantra (OM) has caught my attention with its impressive performance this year. With a return of over 2400% since the start of 2024, it’s hard not to take notice!
On October 10th, the blockchain network specializing in real-world asset tokenization, known as Mantra (OM), touched and even exceeded its highest recorded value, experiencing a 9.2% increase that took it up to $1.46.
The value of this alternative cryptocurrency exceeded 1.2 billion dollars, and its daily trade volume was approximately 56 million dollars, largely focused on Binance and XT.COM as the main platforms.
Over the last month, Mantra (OM) has seen a significant increase of 42%, surpassing major RWA tokens like Ondo (ONDO) and Pendle (PENDLE). Notably, when the year began in 2024, its value had already skyrocketed more than 2400%.
Recently, Open Interest on OM‘s futures contracts has surged to a significant level of approximately $40.06 million, marking a high not seen for several months. This rise in Open Interest suggests robust investor appetite for this asset, implying increased demand from investors.
A significant contributor to OM‘s surge is the upcoming launch of Mantra’s mainnet, scheduled for later this month, which has ignited greater curiosity within the community about the project. Developers anticipate that the mainnet will strengthen Mantra’s role as a crucial development platform in the rapidly expanding RWA tokenization sector.
A fresh idea put forth by Mantra DAO is to revise its token distribution structure. This revision encompasses changes in token assignments, extended vesting periods for team members and early investors, a constant inflation rate, and enhanced staking rewards. Additionally, it introduces community-backed initiatives such as the “GenDrop” airdrop and boosted staking benefits, both of which have been positively welcomed with the mainnet launch approaching.
The rise in OM‘s cost is happening concurrently with a general increase in demand for Real-World Assets. These assets currently account for about 4% of the total value locked within the Decentralized Finance (DeFi) sector, an increase from approximately 1.77% last year, as indicated by data from DeFi Llama.
Further information: An impending event, known as an airdrop, plans to dispense 50 million OM tokens to those who stake ATOM on the Mantra node, contestants in the Mantra Zone competition, and certain NFT owners. This distribution is expected to intensify enthusiasm for the project. More details are available below.
Prepare for the Approaching GenDrop of $OM Tokens – Here Comes the 50 Million Airdrop! 🔥— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) October 10, 2024
What’s next for OM?
Based on a trader’s perspective, Omicoin (OM) has been moving within an upward trend supported by strong bullish energy and persistent higher bottoms. Should this momentum persist, it’s possible that OM could surge towards the 1.7532 USDT level.
For the digital currency, technical indicators show signs of optimism. On the daily graph, the 50-day Moving Average Line (represented by blue) has risen above the 100-day Moving Average Line (depicted by green), usually suggesting a rise in momentum. Furthermore, the short-term Moving Average Line is also starting to head upwards, further supporting the possibility of additional growth.
For nearly a month now, starting from October 4, the Relative Strength Index (RSI) has consistently remained above the overbought threshold of 70. Meanwhile, the Average Directional Index (ADX), which gauges the strength of trends, has increased to 41, suggesting a robust upward momentum.
Currently, a significant increase in BTC‘s value might advantageously boost OM in the near future, potentially pushing its price towards new peaks. At the time of this writing, there was a very optimistic outlook within the OM community, as 81% of 1,779 votes on CoinMarketCap predicted the altcoin would continue to rise.
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2024-10-11 12:42