Markets
OM leads with 19% rise, becoming biggest gainer in cryptocurrency market
OM, the native token of the defi solutions platform Mantrabecame the best performer among the top 100 cryptocurrencies, rising significantly by 19% to $1.13.
Currently, OM is maintaining an 8% gain over the last 24 hours, trading at $1.04. A spectacular 900% increase in trading volume was also seen, bringing the total to $311 million over the same period.
OM 24 Hour Price Chart | Source: crypto.news
With a market cap now exceeding $849 million, OM ranks as the 82nd largest cryptocurrency.
Within the Mantra blockchain platform, OM serves a dual function: it allows holders to participate in various DeFi activities such as lending, borrowing, and earning rewards, and it grants them voting rights on proposals shaping the future of the platform.
Several factors have contributed to OM’s recent success. The DeFi, staking, and lending aspects of Mantra’s ecosystem have generated significant interest and usage, driving demand. Additionally, the platform’s innovative features and strong community support have fueled its impressive price performance.
Amid a broader market correction, the resilience and diversity of Bitcoin wallets have become evident. Promising projects like Mantra have attracted investors looking for alternatives to established tokens like BTC and ETH, further boosting OM’s price.
Supporting a bullish outlook for OM, key technical indicators such as the The Relative Strength Index (RSI) is around 63which suggests that the token is neither overbought nor oversold. An RSI above 70 generally indicates overbought conditions and is considered bearish.
In March, Mantra raised $11 million in a funding round led by Shorooq Partners, with contributions from strategic investors including Three Point Capital, Forte Securities and Virtuzone.
These funds are intended to strengthen Mantra’s large-scale initiatives. RWA Tokenization.