MANTRA Trading Volumes Surge 55% as OM Token Aims for $10

MANTRA (OM) has experienced a significant surge in trading volume, with a 55% increase in the past 24 hours. This uptick in trading activity coincides with a rise in the token’s price, which currently stands at $7.50, showing a 3% increase on the daily chart. Over the past week, the price has appreciated by 36%, and an impressive 110% over the past month. As of now, the token has a market capitalization of $7.36 billion, ranking it as the 22nd largest cryptocurrency by market cap, according to CoinMarketCap.

The boost in trading volumes and price is largely attributed to several positive developments surrounding MANTRA. The most notable of these is the listing of OM on the popular exchange, Crypto.com, on February 20. In addition, MANTRA launched its RWAccelerator program, which is backed by Google Cloud and aims to support projects focused on the tokenization of real-world assets. Another key milestone occurred just a day earlier, on February 19, when MANTRA received its Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This license paves the way for MANTRA to expand its operations in the MENA region, offering services like broker-dealer, management, and investment solutions for digital assets, with a specific focus on tokenization products for institutional investors.

Technical analysis from crypto expert Ali Martinez suggests that the OM token has broken out of a bullish flag pattern, which could signal further price appreciation toward the $10 mark. This prediction seems optimistic, especially given that just a week ago, on February 14, OM was trading at under $6.

However, the project has also faced some controversies that have raised concerns within the community. MANTRA has been criticized for its handling of the OM airdrop distribution. Participants who had staked tokens for voting rights found themselves unable to vote on a key distribution proposal, leading to accusations that the decision was made to avoid opposition. Furthermore, the fact that the team controls the majority of the tokens has led some to believe that the vote was essentially meaningless. The delays in the full distribution of the tokens, with only 10% available initially and the rest expected to be distributed by 2027, have added to the frustration among token holders.

Despite these controversies, the recent positive developments and the technical breakout have helped to boost optimism around MANTRA’s prospects, and analysts are now watching closely to see if OM can continue its upward momentum toward the $10 target.