Mantra, the popular cryptocurrency focused on Real-World Asset (RWA) tokenization, rebounded this week and was nearing its highest level on record. OM jumped to a high of $1.4750, a few points below the year-to-date high of $1.6235.
Mantra important news
Mantra has become one of the best-performing cryptocurrencies this year, thanks to the ongoing demand for the RWA industry. As a result, the token has jumped by over 7,500% from its lowest level this year, pushing its market cap to over $1.3 billion.
Mantra’s recent rally happened after the developers launched its mainnet last week. This mainnet is now making it easier for users to build quality tokenization projects in a secure environment.
The initial part of the mainnet allows users to bridge the OM token from ERC-20 to the mainnet, giving users access to future RWA drops. Users can also stake the OM token and even earn the KARMA tokens by completing new missions on the mainnet.
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The other important Mantra news was its partnership with Google Cloud, which will let the company become a validator and an infrastructure provider for the Mantra Chain.
As part of the partnership, a testnet faucet for the Mantra network will be created on the Google Cloud Web3 Portal. Developers working on the network will receive free OM testnet tokens.
Mantra remains one of the highest-yielding cryptocurrencies in the market. Data by StakingRewards shows that OM has an average staking reward of 26%. More data by CoinMarketCap shows that whales hold about 62% of the coin, which is a positive thing.
Mantra is part of the growing tokenization industry that many analysts believe is the next big thing in finance. For example, the blockchain was selected by a Dubai real estate company that wants convert some of its projects into tradeable tokens.
Mantra price analysis
OM chart by TradingView
The daily chart shows that the OM price has done well recently. It bottomed at $1.2210 this month and has rebounded by 21% to the current $1.48.
The coin has moved above the 50-day and 100-day Exponential Moving Averages (EMA) and formed an ascending channel. Also, the MACD and the Money Flow Index (MFI) have all pointed upwards.
Therefore, the token will likely keep rising as bulls target an all-time high of $1.6235. However, in the long term, with the mainnet launch done, the token may lack more catalysts to push it higher.
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