Altcoins
MANTRA (OM) Surges Against Major Altcoins as Price Surges 11%
MANTRAa layer 1 blockchain for real-world assets (RWA), is an anomaly in today’s cryptocurrency market, outperforming all major cryptocurrencies with a remarkable gain of 11%.
With gains coming from a major milestone for the platform, the native OM token hit $0.89 on Thursday. These are gains that have helped MANTRA recover most of the losses it suffered when the altcoin fell to $0.68 on Wednesday.
MANTRA grows after important partnership with RWA
MANTRA launched its native token in October 2020 and has recently seen a major shift in sentiment as the RWA narrative strengthens.
This tokenization push took a major turn on July 3, when MANTRA announced a partnership with MAG Group Holding, a real estate giant from the United Arab Emirates.
In his announcement of the groundbreaking deal, MANTRA said it will help tokenize $500 million of real estate assets for the Dubai-based conglomerate. Investors will earn returns in stablecoins and its native OM token.
“By combining MANTRA’s secure RWA-centric 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.
OM token surged on the news and continued to outperform the top 100 cryptocurrencies by market cap. According to CoinMarketCap, MANTRA is currently the top gainer ahead of Pendle (PENDLE) and Safe (SAFE), both of which are up less than 2% over the past 24 hours.
OM is likely to hit a new all-time high if the bulls maintain control as prices hold near the current $0.80 level. Notably, MANTRA price surged to its ATH of $1.09 on June 10, 2024 amidst another Association in the United Arab Emirates.