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MANTRA Trading Volume Surges 55% Amid Bullish Flag Breakout
MANTRA’s trading volume has spiked by 55% in the past 24 hours, coinciding with a slight uptick in the token’s price. As of the time of writing, Mantra’s price stands at $7.50, up by 3% on the daily timeframe. Over the past week, it’s up by 36% and an impressive 110% over the past month.
The current market capitalization sits at $7.36 billion, making it the 22nd top cryptocurrency by market cap. The boost in trading activity appears to have been spurred by recent positive announcements from the project, including the launch of RWAccelerator, backed by Google Cloud, to support projects that are exploring the tokenization of real-world assets.
Positive Announcements Boost Trading Activity
MANTRA launched RWAccelerator on February 20, which aims to support projects that are exploring the tokenization of real-world assets. Earlier, on February 19, MANTRA announced that it had secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license enables MANTRA to expand its operations in the MENA region and provide services such as broker-dealer, management, and investment solutions for digital assets.
The company will use this license to provide services with a focus on tokenization products aimed at institutional investors. MANTRA’s recent listing on a major cryptocurrency exchange has also contributed to the surge in trading activity.
OM Price Breaks Out of Bullish Flag Pattern
Crypto analyst Ali Martinez noted that MANTRA’s OM token appears to have broken out of a bullish flag pattern, which could potentially lead to a price move toward $10. This is a significant development, considering that just a week ago, on February 14, OM price opened at less than $6.
$OM looks to have broken out of a bullish flag, potentially setting up a move toward $10!
Previous Controversies Surrounding MANTRA
Before these positive developments, MANTRA faced criticism over the team’s handling of OM airdrop distribution. Participants who staked tokens for voting rights found themselves unable to vote on the distribution proposal. There have been claims that this decision was made deliberately to avoid opposition.
Further controversy arose when it was revealed that the team controls the majority of the tokens, making the vote effectively meaningless. The delay in the airdrop distribution, with only 10% of tokens available initially and the full distribution not expected until 2027, has also drawn frustration from participants.
Tips for Investing in MANTRA and Other Cryptocurrencies
When investing in cryptocurrencies like MANTRA, it’s essential to consider the following tips:
- Conduct thorough research on the project and its team.
- Stay up-to-date with the latest news and developments.
- Diversify your portfolio to minimize risk.
- Never invest more than you can afford to lose.
Stay informed about the latest developments in the world of cryptocurrencies and blockchain technology on Global Crypto News. With the ever-changing landscape of the crypto market, it’s crucial to stay ahead of the curve and make informed investment decisions.
