Date: Thu, Oct 10, 2024, 02:16 PM GMT
October hasn’t been smooth for the cryptocurrency market as Bitcoin (BTC) continues to experience wild fluctuations. Today, Bitcoin’s price dropped by 1.33%, putting it below the $60K mark. This downward trend has triggered declines across many altcoins, but one token, Mantra (OM), has been standing its ground. Despite the market volatility, Mantra is showing small yet steady growth.
In the past 24 hours, Mantra (OM) surged by 7.42%, and over the last 30 days, it’s seen an impressive 40% jump, making it the top performer among Real World Asset (RWA) tokens, outperforming big names like Chainlink (LINK) and ONDO.
What’s Driving It?
Upcoming Mainnet Launch:
One of the key factors behind Mantra’s momentum is the anticipation around its upcoming Mainnet launch, scheduled for later this month. Excitement is building as the launch approaches, pushing the token’s demand higher.
Tokenomics Update Proposal:
Mantra DAO has proposed a vote to update its tokenomics to better align with its long-term goals. This proposal is being positively received by the community, adding more fuel to OM’s recent gains.
RWA Growth in DeFi:
Real World Assets (RWAs) in DeFi have been gaining traction. Since last year, RWAs have surged from 1.77% to 3.69% of Total Value Locked (TVL) in DeFi. This growing interest in RWAs is benefiting Mantra, one of the key players in this sector.
What’s Ahead?
Mantra has already experienced a strong rally, rising from a low of $0.86 to a new all-time high of $1.48. After a slight correction, the token is currently trading at $1.40, having successfully retested its previous breakout level of $1.31.
If Bitcoin manages to hold its key support at $60K, OM could rally further, with the potential to test its previous high of $1.48 and beyond.
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