As a seasoned researcher who has weathered countless market fluctuations and witnessed the rise and fall of numerous cryptocurrencies, I must admit that Mantra’s recent surge to a new all-time high has piqued my interest. The 137% gain in just seven days and the 43% surge over the past 24 hours is nothing short of impressive.
Over the last seven days, Mantra experienced significant growth, reaching an unprecedented peak as other major cryptocurrencies saw slight decreases in value.
In the previous week, the value of Mantra (OM) increased by a remarkable 137%, while it soared by 43% just within the last 24 hours. Early on Sunday, OM reached its all-time high ($3.42), and at the moment of writing, it is being traded at $3.34.
On the Mantra layer-1 blockchain, the native currency claimed the 38th position among top digital currencies, boasting a market capitalization of approximately $2.85 billion.
Mantra’s collaboration with Google Cloud, a significant player in cloud computing, towards the end of October has played a crucial role in boosting its prices. Moreover, the surge in ‘whale’ investments on November 14 further fueled optimistic feelings regarding the token.
However, some on-chain indicators hint at a potential correction.
Whale profit-taking
Following OM’s bull run to a new ATH, its whale accumulation seems to have slowed down.
On November 14th, the major investor’s net inflow for the asset was 2.96 million OM. However, by Saturday, this figure had dropped to 1.8 million OM, as the asset exceeded the $2.50 mark, based on data from IntoTheBlock.
Additionally, according to ITB data, the number of OneMachine (OM) daily active addresses making profits increased significantly, rising from 27 on November 13 to 297 unique wallets yesterday. Given that 94% of Mantra’s total supply is held by large wallets (whales), an initial wave of profit-taking could potentially lead to a market selloff.
Moreover, approximately 24% of Mantra’s address holdings have owned the asset for fewer than 30 days, and an additional 43% have acquired the token within the past year, as reported by ITB.
In simpler terms, this situation could potentially expose Mantra to selling pressure from short-term traders, particularly the 6% who are retail investors. These traders might choose to cash out their gains instead of holding on for another significant price increase.
Read More
- Wolf Man” Director Declares “Invisible Man
- ‘Violent Night 2’ Writers Discuss Who Could Star as Mrs. Claus
- Top gainers and losers
- Raj Babbar’s daughter Juhi Babbar shares at what age father told her about his second wife, Smita Patil; any guesses?
- Anurag Kashyap’s heartfelt birthday wish for ‘now married’ daughter Aaliyah Kashyap is proof that he misses her
- Hrithik Roshan’s ex-wife Sussanne Khan shares beautiful birthday wish with pic ft actor’s GF Saba Azad: ‘The best of your talent…’
- Dragon Ball Z’s Spinoff Daima Is Officially Available In English, And I Think Fans Should Be Watching For One Major Reason
- Zamna In Tulum Is Taking Your Festival Experience To The Next Level
- AMBUSH Delves Into Its Archives for New Book With Rizzoli
- ‘Dexter’ Stars David Zayas, James Remar and Jack Alcott All Returning for ‘Resurrection’ Spinoff
2024-11-17 18:34