Mantle’s valuation reached unprecedented heights on Tuesday, fueled by strategic alliances that are enhancing liquidity and trading activity within the network. Additionally, the project is broadening its scope into the realm of real-world assets.
Overview Mantle’s price soared to a record $2.47 this Tuesday. The surge in MNT’s value is attributed to recent collaborations and an intensified focus on tokenizing real-world assets. MNT has negated a rising wedge pattern observed in daily charts.As per crypto.news data, Mantle (MNT) climbed to an all-time high of $2.47 on October 7 during Asian morning hours before settling at $2.26 at press time. This marks a 125% increase from last month’s low and a staggering 340% rise from its lowest point this year.
The token’s daily trading volume experienced significant growth, escalating from $125 million in early September to over $612 million now; concurrently, its market capitalization nearly doubled during this period to reach $7.34 billion, positioning it as the 32nd largest cryptocurrency asset currently.
Reflecting this uptick in spot trading volume was a notable increase in open interest within Mantle’s futures market—up by 26% over the past week reaching approximately $4.85 billion—while maintaining positive weighted funding rates for nearly two weeks indicates that long-position holders have been compensating short-position holders for sustaining their positions amidst robust bullish sentiment prevailing across markets.
What Drives Mantle’s Price Upward?
Three primary factors have contributed significantly towards Mantle’s recent price escalation:
The first catalyst emerged during Token2049 when Mantle introduced its compliance-focused RWA service—a move positioning itself among few Layer-2 ecosystems actively developing within real-world asset domains—a narrative gaining traction throughout this year.
A pivotal announcement unfolded last week at the “Mantle Mixer,” where World Liberty Financial (backed by Trump family interests) disclosed plans regarding launching USD1—their flagship stablecoin—on top of Mantles’ network infrastructure; given USD1 ranks sixth-largest stablecoin boasting more than $2.6 billion market cap—the partnership represents substantial credibility enhancement for both DeFi & stablecoin ecosystems associated with mantle networks respectively!
The third factor amplifying bullish momentum involves growing synergy between centralized exchange Bybit alongside mantle platforms—last month witnessed unveiling “Mantel × Bybit Roadmap” detailing deeper integration prospects between these entities—with Bybit processing upwards thirty-billion dollars worth daily transactions exposure coupled with networking effects surrounding MNT rapidly expanding!
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