🌕Mantra (OM): What Is It And Why Did It Go Up Nearly 100% In A Single Day?
🌕Mantra (OM) is a top crypto market gainer. The cryptocurrency, which leads Binance's top gainers, is up over 100% in a day. This cryptocurrency is reaching new heights in 2024, but little is known about it.
🌕For What Is OM Token Used?
In October 2020, the Layer 1 Mantra Chain issued its native token, the OM token. After reaching an all-time high in 2021, the token plummeted almost 90% in the bear market.
🌕However, in recent months, the token has recovered and began rallying. As the RWA narrative has grown, the blockchain, which tokenizes real-world assets, has been prominent.
🌕The token has increased more than 1700% in four months to over $0.3, 60% below its 2021 highs. In the previous 24 hours, its trade volume has increased by almost 300%.
🌕Why Is Mantra Token Rising?
🌕Staking is behind the Mantra Chain's native token's recent rise, as with any major rally. Staking has become a major aspect of crypto investment, enabling investors optimize earnings instead of sitting idle. Investors could only stake Mantra lately.
🌕Mantra's chain staking was welcomed this month by the community. More than 17% of the token supply has been staked, demonstrating community commitment. Since October 2023, its total value locked (TVL) has increased more over 300% from $13 million to over $48 million in February 2024.
🌕OM's price rise in the recent day was spectacular, jumping from $0.23 to $0.34 at its top. It gained nearly 80% in a day, making it Binance's top gainer.
🌕Altcoin prices have slowed to $0.3 at the time of writing. As Binance's top gainer with 68% gains, its daily gains remain considerable.
