Mantra surged over 40% in the past 24 hours.

The real-world asset tokenization platform reached an all-time high of $2.71 on Nov. 16, with technical indicators suggesting potential for further gains in the short term.

Over the past year, Mantra (OM) has rallied by over 10,000%, establishing itself as one of the top-performing altcoins in the cryptocurrency market. This makes OM the only RWA-focused cryptocurrency to achieve a 100x return this year. 

At the time of writing, the token’s market capitalization stood at $2.03 billion, with 97.1% of OM holders per data from IntoThe Block.

The open interest in OM’s futures market has surged by 78.22% over the previous day, reaching an all-time high of $115.64 million—significantly higher than the $24.75 million recorded at the beginning of September. A rise in OI suggests growing interest from investors, indicating increased trading activity and potential expectations of future price movements.

Catalysts for the rally

OM’s recent price surge comes amidst key milestones achieved by Mantra within the RWA sector. 

In October, the project launched its mainnet, which delivers low transaction costs, enhanced network security, regulatory compliance, and multi-chain asset transfer capabilities through its integration with the Cosmos network.

Further Mantra has onboarded cloud computing giant Google Cloud as a primary validator and infrastructure provider for its blockchain network enhancing the platform’s security and scalability while boosting investor confidence.

Whale activity around OM has intensified following the recent price uptick. According to the on-chain data platform Spot On Chain, a whale who has amassed over 18.27 million OM since December 2023 recently added another $2.62 million worth of the token on Nov. 16.

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Author: Rony Roy