As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. However, the recent surge in Mantra (OM) token price has caught my attention. With its staking rewards nearing an all-time high and the imminent altcoin rally on the horizon, it seems that Mantra is poised to make a significant move.
On Friday, the price of Mantra tokens saw a minor increase, approaching an all-time high in its staking rewards, and as traders readied themselves for the upcoming surge in altcoins.
As an analyst, I’ve observed a significant surge in the value of the Mantra (OM) token today. It currently stands at $1.2, representing an impressive 8% increase from its weekly low and a staggering 1,700% rise above the year-to-date minimum. This upward trend stems from investor anticipation that Real World Asset (RWA) tokenization could be the next major development in the blockchain sector. Mantra has strategically positioned itself as the leading infrastructure project for RWA, which positions it well for potential growth opportunities in this emerging market.
In recent months, Mantra has achieved several successes. For instance, they’ve signed an agreement with a significant real estate firm based in Dubai to digitize some of their property projects using tokens.
Due to its recent announcement of the Genesis Drop, the OM token has been performing well. This event will distribute a total of 50 million tokens to eligible users. Among those qualified are holders of Mantra’s NFTs, early supporters of the ecosystem, and actively engaged community members.
The popularity of Mantra has increased significantly due to its exceptionally high returns on staking, as indicated by data from StakingRewards. Approximately half of all OM tokens are currently being staked, and this growth has been reflected in the increasing number of Mantra wallets.
Currently, the returns from Mantra’s staking program have surged to an all-time peak of 21.21%. In other words, if you were to invest $100,000 in this program, it could potentially yield an annual return of approximately $21,200, given that other factors remain constant.
Among the leading cryptocurrencies, Mantra boasts the most generous staking reward compared to others like Toncoin (TON), which offers a return of 2.56%, or Tron (TRX) with its 4.15%, and even Avalanche at 7.95%. In simpler terms, if you’re looking for the highest potential returns from staking your cryptocurrency, Mantra seems to be the top choice.
Unlike many other cryptocurrencies, Mantra’s supply won’t significantly expand because its present circulation of 837.5 million tokens is already quite close to its total supply of 888 million tokens.
Over the next few months, certain experts predict an increase in alternative cryptocurrencies, often referred to as altcoins. In a recent post on platform X, Ki Young Ju – founder of CryptoQuant – pointed out that the volume of limit orders for these altcoins, excluding Bitcoin (BTC) and Ethereum (ETH), is on the rise.
It appears that investors are gearing up for another surge in altcoins (excluding Bitcoin and Ethereum), as the volume of limit buy orders for these cryptocurrencies is on the rise. This could suggest that substantial buying positions are being established, potentially leading to a rally.
— Ki Young Ju (@ki_young_ju) July 31, 2024
The possibility that cryptocurrencies and stocks might be influenced could stem from the Federal Reserve, as they are planning to lower interest rates starting in September. The likelihood of a rate reduction increased following the release of disappointing employment data by the US, which saw the unemployment rate reach 4.3%, its peak since 2021.
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2024-08-03 01:27