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.
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.
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.
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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