As a seasoned crypto investor with a keen interest in Ethereum-based projects, I’ve been closely monitoring the developments at Mantle Network (MNT). The recent price surge of 12% in just 24 hours, pushing MNT to trade at $0.8578, has piqued my curiosity and excitement.
The native cryptocurrency of Mantle Network, denoted as MNT, has seen a significant jump in value by approximately 12% over the past 24 hours. Currently, it is being traded at a price of $0.8578.
The value of Mantle (MNT) has seen a significant increase recently, contrasting the overall downturn in the cryptocurrency market. At present, Mantle holds a market capitalization approximately equal to 2.8 billion dollars, which ranks it as the 31st largest cryptocurrency by market cap based on data obtained from crypto.news.
In the last 24 hours, the trading volume for MNT has increased by 12.7%, amounting to a total of $240 million. During this timeframe, the price of MNT varied between a minimum of $0.77 and a maximum of $0.86.
Previously referred to as BitDAO, Mantle functions as a decentralized autonomous organization (DAO) focusing on ecosystem investments, boasting strong connections with Bybit. The Mantle token, denoted as MNT, serves multiple purposes: it facilitates governance decisions within the community, covers gas fees on the Mantle Network, and enables staking across various platforms. The Mantle Network employs an Optimistic Rollup (ORU) to enhance Ethereum‘s scalability and targets compatibility with the Ethereum Virtual Machine (EVM).
On Ethereum’s network, Mantle serves as a user-friendly, secure, and expansive solution for creators of decentralized applications (dApps) to debut their projects. Due to these features, Mantle has become an alluring choice for GameFi application developers, leading to the establishment of an internal Web3 gaming team within the company.
As a crypto investor, I’ve noticed an intriguing correlation between the recent price surge of Monero (MNT) and the uptick in daily active and new addresses engaged in Monero transactions. It’s an exciting development for those of us with an interest in this digital currency!
Over the past week, there’s been a significant uptick in on-chain activity for MNT. Specifically, IntoTheBlock data reveals a nearly 20% surge in the count of unique addresses executing at least one MNT transaction. Furthermore, the number of newly generated addresses engaging with the MNT market has risen by approximately 15%.
A rise in the number of daily active addresses and new addresses usually indicates an increase in network activity and greater enthusiasm towards the asset, implying a surge in demand and potential for future price growth.
Large investors, or “whales,” have taken notice of MNT’s price surge due to their significant holdings, representing over 0.1% of the total supply in circulation. An uptick in these whale’s transactions signifies that they are actively buying up more of the asset, typically a positive indication for potential price growth.
Based on IntoTheBlock’s analysis, there has been a significant increase of 134% in the net buying activity from large investors in MNT over the last week.
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2024-07-19 09:52