Altcoins
MANTRA (OM) Outperforms Top Altcoins as Price Surges 11%
MANTRAa real-world asset (RWA) Layer 1 blockchain, is an outlier in the cryptocurrency market today, outperforming all major cryptocurrencies with a notable 11% gain.
With gains made following a major platform milestone, the native token OM hit $0.89 on Thursday. These gains helped MANTRA recoup most of the losses incurred when the altcoin fell to $0.68 on Wednesday.
MANTRA surges after major partnership with RWA
MANTRA launched its native token in October 2020 and has recently seen a major shift in sentiment as the RWA narrative has strengthened.
This tokenization campaign saw a major bullish turn on July 3 when MANTRA announced a partnership with MAG Group Holding, a real estate giant in the United Arab Emirates.
In his announcement MANTRA said the groundbreaking deal will help tokenize $500 million worth of real estate assets for the Dubai-based conglomerate. Investors will earn yields in stablecoins and native token OM.
“By combining MANTRA’s secure RWA-focused blockchain with MAG’s established presence in the UAE real estate market, we aim to unlock the full potential of RWA compliance in the Middle East region and beyond,” MANTRA wrote in a statement. blog post.
The OM token surged after the news and continued to surpass the top 100 cryptocurrencies by market cap. According to CoinMarketCap, MANTRA is currently the biggest gainer ahead of Pendle (PENDLE) and Safe (SAFE) – both with gains of less than 2% in the last 24 hours.
OM is likely to hit a new all-time high if the bulls remain in control as prices hold near the current level of $0.80. Notably, MANTRA price hit its ATH of $1.09 on June 10, 2024, amid another Partnership in the United Arab Emirates.