The price of Mantra (OM) has suffered a harsh reversal this week, joining other altcoins like Ethereum, Solana, and Cardano.
OM slumped to a low of $0.8160 on Friday, down by over 25% from its highest point this week.
Added to a new RWA fund
Mantra’s OM token plunged even after some good ecosystem news. In a statement, the developers said the token had just been added to Swissborg’s Real World Asset (RWA) thematic basket.
The basket includes other tokens in the RWA industry, such as Synthetix Network, VeChain, Chainlink, Maker, and Polymesh Network.
This is notable because Swissborg is one of the biggest players in the crypto industry, with almost 800,000 users and over $1.26 billion in assets. Its token has a market cap of over $187 million in assets.
— MANTRA – Tokenizing RWAs (@MANTRA_Chain) June 14, 2024🔥 @SwissBorg, a leading blockchain-based crypto wealth management platform now includes MANTRA’s $OM Token in their #RWA Thematic – an investment basket of top crypto projects in the real world assets vertical.
With $1.39B in users' crypto assets and EU licensing, they're… pic.twitter.com/21oZ7VhsGi
Meanwhile, Mantra’s assets have jumped sharply in the past few weeks. It now has over $46.3 million in assets, higher than the $7 million it started the year at. It also recently expanded to the UAE.
With a market cap of over $650 million, Mantra is one of the biggest players in the tokenization industry. Its platform enables the seamless fractionalization and tokenization of real-world assets (RWA), an industry expected to grow to over $10 trillion in the next few years.
Mantra’s OM token peaked at $1.0960 earlier this month and has now crashed by over 25% as the altcoin sell-off intensified. It has dropped below the important support level at $1, its highest swing on June 5.
The token has also moved below the 50-day and 100-day moving averages, a sign that bears are taking control. It was trading at $0.8095 but has failed to move below that level since June 3. This level is also important because it was the highest swing in April and May.
Therefore, a drop below that level will point to more downside since it will signify that bears have prevailed. If this happens, it could drop to $0.7620.