Mantle Network’s MNT Token Surges by 12% Amidst Market Decline
MNT, the native token of Mantle Network, a Layer-2 technology stack for scaling Ethereum, has experienced a significant price surge of 12% in the last 24 hours, now trading at $0.8578.
This surge in MNT’s value comes at a time when the broader cryptocurrency market is experiencing a decline. With a market capitalization of approximately $2.8 billion, Mantle currently ranks 31st in global cryptocurrency rankings by market cap, as reported by crypto.news.
Over the past 24 hours, MNT’s trading volume has also seen an increase of 12.7%, reaching $240 million. During this period, MNT’s price fluctuated between a low of $0.77 and a high of $0.86.
Formerly known as BitDAO, Mantle is an ecosystem investment DAO closely linked to Bybit. The Mantle token, MNT, is utilized for governance, gas fees on the Mantle Network, and staking on various platforms. The Mantle Network employs an Optimistic Rollup (ORU) to scale Ethereum and aims for EVM compatibility.
Operating on the Ethereum network, Mantle provides a secure, scalable platform for decentralized application (dApp) developers to launch their projects. This has positioned Mantle as an appealing protocol for supporting GameFi applications, leading to the establishment of an in-house Web3 gaming team.
The recent price surge in MNT coincides with a rise in daily active addresses and new addresses involved in MNT transactions.
On-chain data from IntoTheBlock indicates a 19% increase in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created for trading MNT has risen by 15% during the same period.
An increase in daily active addresses and new addresses typically indicates growing network activity and heightened interest in the asset, suggesting potential for increased demand and future value appreciation.
The surge in MNT’s price has also attracted attention from large holders or whales, addresses holding over 0.1% of an asset’s circulating supply. A rise in the net flow of these large holders signifies accumulation of the asset, which is generally considered a bullish signal.
According to IntoTheBlock, MNT’s large holders’ net flow has surged by 134% over the past seven days, indicating significant accumulation by these investors.