MNT, the native token of Mantle Network, a Layer-2 technology stack designed for scaling Ethereum, has seen a price increase of 12% in the last 24 hours, now trading at $0.8578. This rise in MNT’s value comes amid a broader decline in the cryptocurrency market. Presently, Mantle has a market capitalization of approximately $2.8 billion, ranking it 31st in global cryptocurrency standings by market cap.

Over the past 24 hours, MNT’s trading volume has also grown by 12.7%, reaching $240 million. During this period, MNT’s price fluctuated between a low of $0.77 and a high of $0.86.

Previously known as BitDAO, Mantle is an ecosystem investment DAO with close ties 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 seamless, secure, and scalable platform for decentralized application (dApp) developers to launch their projects. This has made Mantle an attractive protocol for supporting GameFi applications, leading to the creation of an in-house Web3 gaming team.

The recent price surge in MNT coincides with an increase in daily active and new addresses involved in MNT transactions.

On-chain data indicates a 19% rise in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created to trade MNT has increased by 15% during the same period.

An uptick in daily active addresses and new addresses typically signifies growing network activity and heightened interest in the asset, suggesting increased demand and potential for future value appreciation.

The spike in MNT’s price has also caught the attention of large holders, or whales. These are addresses holding over 0.1% of an asset’s circulating supply. When the net flow of these large holders increases, it indicates that whale addresses are accumulating the asset, which is generally a bullish signal.

According to recent data, MNT’s large holders’ net flow has surged by 134% over the past seven days, highlighting substantial accumulation by these investors.

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