Mantra (OM), a blockchain network focused on real-world asset tokenization, retested its all-time high on Oct. 10, surging 9.2% to reach $1.46.
The altcoin’s market capitalization crossed $1.2 billion, with daily trading volumes around $56 million, predominantly concentrated on Binance and XT.COM.
In the past 30 days, Mantra (OM) has risen 42%, outperforming key RWA tokens such as Ondo (ONDO) and Pendle (PENDLE). When writing it was up over 2400% since the start of 2024.
OM’s price action has aligned with a rebound in its futures open interest, which has climbed to a multi-month high of $40.06 million. The jump in open interest shows strong investor demand for the asset.
One of the key factors behind OM’s rally is Mantra’s upcoming mainnet launch, set for later this month, which has sparked increased community interest in the project. Developers believe the mainnet will solidify Mantra’s position as a key platform for developers in the rapidly growing RWA tokenization space.
Adding to the momentum is a recent proposal by Mantra DAO to update its tokenomics. The proposal includes adjustments to token allocations, vesting periods for team members and early investors, a fixed inflation rate, and staking rewards. It also features community-driven incentives like the “GenDrop” airdrop and enhanced staking rewards, all of which have been well-received as the mainnet launch nears.
OM’s uptick in price also comes amid a broader surge in interest for Real World Assets, which now make up 4% of Total Value Locked in the DeFi sector, up from 1.77% last year, according to data from DeFi Llama.
Additionally, an upcoming airdrop will distribute 50 million OM tokens to ATOM stakers on the Mantra node, participants in the Mantra Zone competition, and select NFT holders, further fueling excitement around the project. See below.
— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) October 10, 2024Upcoming Airdrop – $OM 🪂
Get ready for the 50M $OM GenDrop—it's almost here! 🔥
Who’s Eligible?
🔹 $ATOM Stakers on the Mantra node
🔹 Mantra Zone Participants (Season 2 is currently ongoing)
🔹 NFT HoldersThis could be a pretty good airdrop! 👀 pic.twitter.com/fHDKXAokKp
What’s next for OM?
According to one trader, OM was trading within an upward channel backed by a steady bullish momentum and consistent higher lows. If the momentum continues the altcoin could make a run towards the 1.7532 USDT mark.
Technical indicators for the altcoin paint a bullish picture. On the daily chart, the 50-day EMA (blue) has moved above the 100-day EMA (green), a typical signal of upward momentum. Additionally, the short-term EMA is also beginning to point upward, reinforcing the potential for further gains.
The Relative Strength Index has sustained above the overbought level of 70 since Oct. 4, while the Average Directional Index, which measures trend strength, has risen to 41—indicating a solid upward trend.
Meanwhile, a strong upward move from BTC could also be beneficial for OM in the short term and could help propel the price towards new highs. Community sentiment around OM was highly bullish at the time of writing, with 81% of 1,779 votes on CoinMarketCap expecting the altcoin to rise further.