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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

What Is Mantra (OM) And Why Is The Price Up Almost 100% In One Day?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Mantra OM

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One of the top gainers in the crypto market today is the Mantra (OM) token. The altcoin, which is currently leading the charge on the Binance list of top gainers, is up almost 100% in a single day. However, not much is known about this cryptocurrency, which is reaching highs after highs in 2024.

What Is OM Token Used For?

The OM token is the native token associated with the Mantra Chain, a Layer 1 blockchain that was launched in October 2020. The token would go on to reach a new all-time high back in 2021, but fell more than 90% in the bear market that followed.

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However, in the last few months, the token has regained its footing and has begun to rally once more. The blockchain, which is developed to aid in the tokenization of real-world assets, has moved to the forefront as the RWA narrative has taken flight.

In the last four months, the token has risen by more than 1700% to reach above $0.3, bringing it just a 60% move shy from its 2021 all-time highs. There has also been a notable increase in its trading volume, which has risen more than 300% in the last 24 hours alone.

Why Is The Mantra Token Soaring?

Like with any significant rally, there is a reason why the native token of the Mantra Chain has been soaring over the last few days, and it has to do with staking. Staking has become a prominent part of crypto investing, helping investors maximize returns on their holdings instead of leaving them to sit and do nothing. In the case of Mantra, staking was not available to investors until recently.

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Mantra announced staking on its chain this month and has received a warm welcome from the community. So far, more than 17% of the total token supply has been staked, showing commitment from its community. Additionally, its total value locked (TVL) has been on the rise in the last four months, surging more than 300% from $13 million in October 2023 to over $48 million in February 2024.

OM’s price movement in the last day has also been nothing short of impressive after rising from its daily lows of $0.23 to over $0.34 at its peak. This accounted for an over 80% growth in a single day, making it the top gainer on Binance.

The price of the altcoin has since slowed down and is now trading at $0.3 at the time of writing. However, its daily gains remain significant as it continues to lead the list of top gainers on Binance with 68% gains.

Mantra OM price chart from Tradingview.com

OM price rises almost 100% in one day | Source: OMUSDT on Tradingview.com
Featured image from CoinGecko, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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