04 Oct 2024 Samantha McLauren
MANTRA Explodes Amid Suspected Mainnet Launch
Mantra, one of the altcoins that performed the best in 2024, kept up its impressive run and reached a two-month high.
As a result of growing geopolitical unrest, Mantra (OM) surged to $1.3155 while Bitcoin, Ethereum, and other altcoins fell. This year, it has increased by more than 2,130%.
Source: CoinMarketCap
The continuous increase in its futures open interest, which has reached a multi-month high of $30 million, has accompanied its rally. An asset's rising open interest indicates that investors are highly interested.
The sustained surge most likely has three causes. First, Mantra has made hints that this month will see the mainnet launch. Although a date has not been disclosed, it is most likely to occur on October 23 at the Cosmoverse event in Dubai. Crypto companies typically start large-scale projects in response to noteworthy events.
Mantra aspires to become the top network for developers in the Real World Asset tokenization space with the help of its mainnet. Analysts predict that the sector will advance transparency, raise liquidity, and encourage fractional ownership of assets.
Mantra's network will have decentralization, low transaction costs, a modular architecture, and security and compliance features. It will be able to transfer assets across blockchains thanks to its access to the Inter Blockchain Communication protocol as a Cosmos network.
Second, Mantra's growth has been fueled by some of the highest staking rewards in the market. Its staking ratio is roughly 50%, and its staking yield is 22.32%. An important metric that looks at the percentage of tokens in circulation that have been staked is the staking ratio.
Strong technicals help to sustain OM's rally. Since August, when it fell to 36, the Relative Strength Index has been slowly but steadily rising on the daily chart. It was approaching the overbought level of 70 on Oct. 2.
The widely used indicator of a trend's strength, the Average Directional Index, increased to 33. When a trend rises above 25, it is deemed strong.
In addition, the MACD indicator's two lines have both rallied. As a result, Mantra might keep rising. Its all-time high of $1.4140, which is 12% above the current level, is the next reference level.
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