Mantra (OM), a blockchain community targeted on real-world asset tokenization, retested its all-time excessive on Oct. 10, surging 9.2% to achieve $1.46.
The altcoin’s market capitalization crossed $1.2 billion, with every day buying and selling volumes round $56 million, predominantly targeting Binance and XT.COM.
Prior to now 30 days, Mantra (OM) has risen 42%, outperforming key RWA tokens akin to Ondo (ONDO) and Pendle (PENDLE). When writing it was up over 2400% because the begin of 2024.
OM’s worth motion has aligned with a rebound in its futures open curiosity, which has climbed to a multi-month excessive of $40.06 million. The soar in open curiosity exhibits sturdy investor demand for the asset.
One of many key components behind OM’s rally is Mantra’s upcoming mainnet launch, set for later this month, which has sparked elevated neighborhood curiosity within the venture. Builders imagine the mainnet will solidify Mantra’s place as a key platform for builders within the quickly rising RWA tokenization house.
Including to the momentum is a latest proposal by Mantra DAO to replace its tokenomics. The proposal consists of changes to token allocations, vesting durations for crew members and early buyers, a set inflation fee, and staking rewards. It additionally options community-driven incentives just like the “GenDrop” airdrop and enhanced staking rewards, all of which have been well-received because the mainnet launch nears.
OM’s uptick in worth additionally comes amid a broader surge in curiosity for Actual World Property, which now make up 4% of Complete Worth Locked within the DeFi sector, up from 1.77% final 12 months, in line with knowledge from DeFi Llama.
Moreover, an upcoming airdrop will distribute 50 million OM tokens to ATOM stakers on the Mantra node, members within the Mantra Zone competitors, and choose NFT holders, additional fueling pleasure across the venture. See beneath.
What’s subsequent for OM?
In accordance to at least one dealer, OM was buying and selling inside an upward channel backed by a gentle bullish momentum and constant increased lows. If the momentum continues the altcoin may make a run in direction of the 1.7532 USDT mark.
Technical indicators for the altcoin paint a bullish image. On the every day chart, the 50-day EMA (blue) has moved above the 100-day EMA (inexperienced), a typical sign of upward momentum. Moreover, the short-term EMA can also be starting to level upward, reinforcing the potential for additional positive factors.
The Relative Power Index has sustained above the overbought stage of 70 since Oct. 4, whereas the Common Directional Index, which measures pattern energy, has risen to 41—indicating a strong upward pattern.
In the meantime, a powerful upward transfer from BTC may be useful for OM within the quick time period and will assist propel the worth in direction of new highs. Neighborhood sentiment round OM was extremely bullish on the time of writing, with 81% of 1,779 votes on CoinMarketCap anticipating the altcoin to rise additional.
